Egypt’s Customs Authority returns tariff on expatriate gold

The Egyptian Customs Authority has resumed applying the customs category stipulated in the customs tariff on gold jewelry imported by Egyptians expatriates per inspection, value-added tax, and the daily gold price, according to the Assay and Weights Administration.

The head of the Customs Authority Al-Shahat Ghatouri told Al-Masry Al-Youm: “We returned as it was before the exemption decision because it ended on May 10.”

He added that the personal gold ornaments brought with passengers is taken into account and is exempted.

The head of the Customs Authority denied reports that the authority is imposing LE371 (equivalent to approximately eight dollars) on each gold gram coming with passengers arriving from abroad.

Egypt back in May 2023 agreed to exempt imports of gold in semi-finished forms intended for monetary circulation, jewellery, and parts of precious metals from customs tax and other fees, to control markets and restore stability and balance in prices.

The Egyptian Cabinet approved in November extending the zero-custom initiative for gold imports by Egyptians abroad for six months to end in May 2024.