Maait explained in an official statement that the new adjustments were meant to support the local investment environment
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In a move to encourage local commerce and production, Minister of Finance, Mohamed Maait, recently confirmed that a number of changes to several categories of customs tariffs.
Maait explained in an official statement that the new adjustments were meant to support the local investment environment, maximize production capabilities, and enhance the strength of Egyptian products in global markets.
Items with modified tax tariffs are granite slabs at 20%, while blocks of granite will maintain its current customs tax, as it is still in the early stages of the granite industry; atomizer heads the customs tax was reduced from 60% to 2% for “pumping heads for containers filled under pressure.”
This is to protect the local granite industry, especially that the final product imported from granite is subject to a 40% customs tax, explaining that the customs treatment of the “granite” tariff achieves the required balance between production requirements, intermediate goods, and final products.
Imported photovoltaic cells, as a final product, will have a 5% custom tax, noting that the cells’ basic components are currently subject to 2-5% tax, pointing that the customs treatment of the tariff of "photovoltaic cells" achieves the required balance between production inputs, intermediate goods, and finished products.
Cellphones/mobile phones will be subject to a customs tax of 10%, which aims to stimulate the local ICT and mobile industry, as well as keeping computers, tablets, and their accessories exempt from the 10% tax, with the minister noted them as one of the main tools for digital transformation and the development of the education system.
Head of the Customs Authority, Al-Shahat Ghaturi, pointed out that the decision was made to amend some categories of customs tariffs in light of the recent conclusions of the Higher Council of Customs Tariffs.
The council aims to at addressing customs tariff distortions and setting appropriate tax categories to achieve the required balance between factors activating the production and commercial process. In response to the demands of the industrial sector, recognizing the importance of using tariffs as one of the financial policy tools aimed at encouraging the local industry.
In accordance to the Customs Law, the changes to certain customs tariffs, implemented on Sunday, was with the approval of the House of Representatives on Republican Resolution 558 of 2021, said Ghaturi.
He emphasized the Ministry of Finance’s and his authority’s eagerness to interact positively with the business community and study its proposals, and take what is needed towards stimulating the investment climate and encouraging investors to expand their productive activities.
