Egypt anticipates $2bln revenues from tax-free car import initiative

The Egyptian government expects to garner revenues of around $2 billion from registered applications submitted by Egyptians abroad to benefit from the tax-free car import initiative, Minister of Finance Mohamed Maait stated.

Moreover, the minister said that over 250,000 import approvals have been issued and more than 35,000 imported cars have been released so far.

In October 2022, the cabinet approved enabling Egyptian expatriates holding valid residencies to import cars exempted from customs clearance fees and taxes, including the value-added tax (VAT) and payroll tax.