Egypt’s tax-free car import initiative generates $685M in revenues

Egypt has collected $685 million from the second phase of the tax-free car import initiative since its launch in October of last year. El-Shahat Ghatoury, the Head of the Egyptian Customs Authority (ECA), revealed these figures in an interview with Asharq Business.

 

Ghatoury further informed that payment orders had reached $1.6 billion by the end of the previous week, with a total of 464,000 beneficiaries having availed themselves of the initiative.

 

Minister of Finance, Mohamed Maait, announced that 25,000 cars have been released as part of the car import initiative. The minister emphasized the government's commitment to streamline the procedures and provide necessary assistance to ensure Egyptians abroad can benefit from this opportunity and its accompanying benefits. 

 

Minister Maait stated that 250,000 import approvals have been issued, valid for a period of five years. This means that approved individuals can choose any car and replace it at their convenience during this period.