The “Zero Customs” Initiative Ended, Citizens Imported 3.3 Tons of Customs-free Gold Within 6 Months

The first stage of the initiative to exempt gold imports from customs duties, which was approved by the Council of Ministers on May 11, is scheduled to end today. The volume of gold imported from those returning from abroad within the initiative during 6 months reached about 3.3 tons.

The Council of Ministers has recently agreed to extend the implementation of Resolution No. 1801 for 2023, regarding the exemption of imports of gold in semi-finished forms intended for cash circulation, jewelry, and precious metal parts thereof, for another 6 months ending in May 2024, due to the positive impact it has had in trying to control the markets and restore... Stability and balance of prices.

Lotfi Munib, Vice President of the General Division for Gold and Jewelry at the Federation of Chambers of Commerce, said that the Council of Ministers’ decision to extend the initiative for another 6 months will contribute to controlling prices and stabilizing markets, as not extending the decision would have caused customs duties to return again, and thus a shortage in supply. Markets and high prices.

Last May, Prime Minister Dr. Mostafa Madbouly issued a decision to exempt gold imports from customs taxes and other fees. This decision expired today, Saturday.

The timing of the decision came at a time when the local market was suffering from a rise in gold prices to record levels, and the decision represented an attempt to limit customs smuggling of semi-worked and worked gold items through various customs ports.