The validity of the "import approval" for shipping and importing cars has been extended from one year to five years.
Egypt's duty-free car import initiative witnesses a great turnout - File Photo
Egypt's finance minister, Dr. Mohamed Maait, has confirmed that there is only one day left to benefit from and register for the initiative to facilitating the import of cars from abroad initiative, and to pay the required deposit in accordance with the law. He further noted that there will be no extension of the work period of the law after May 14th.
The minister clarified that the deadline for joining the initiative is determined by the date of initiating procedures for transferring the deposit value from abroad, which is no later than Sunday. This is not determined by the date the deposit arrives in the Ministry of Finance's account at the National Bank of Egypt, even if the application is under review by the bank or the customs authority to issue the car import approval.
He pointed out that applicants from Egyptians living abroad are allowed to choose any car and replace it at any time during the five years, as the evaluation of the cars and the determination of the amounts to be paid will continue throughout the five years.
Individuals who are Egyptian residents and at least 16 years old, and possess valid residence permits and foreign bank accounts, are allowed to bring in one private passenger car for their personal use within a five-year timeframe after joining the program.
According to recent legislative amendments, the validity of the "import approval" for shipping and importing cars has been extended from one year to five years, and the reduced customs tax is valid throughout the validity period of the "import approval." The first owner is allowed to import the car without complying with the manufacturing year, while others are not allowed to exceed three years from the date of customs clearance. The work period of the initiative ends after tomorrow, Sunday.
"The past few days have witnessed a great turnout for the initiative," the minister said, adding that the daily registration average exceeded 6,000, and the average daily transfers reached $25 million.
He pointed out that more than 167,000 Egyptians living abroad have registered electronically to benefit from this initiative, including easy procedures and regulations, and the total value of payment orders from applicants so far has reached about $835 million.
The minister added that the ministry is committed to paying the deposits of Egyptians living abroad who benefit from the initiative to facilitate car imports at the scheduled times at the official exchange rate, which enhances confidence in the state's ability to continue to support its citizens and provide them with necessary facilities.
The initiative was launched by the Egyptian government to help Egyptians living abroad to import cars from foreign markets, in an effort to support the Egyptian economy and the automotive industry. The initiative also aims to attract foreign currency to the country and provide job opportunities.
