This surge in gold imports can be attributed to recent decisions made by the Cabinet, which exempted travelers from paying customs duties and other associated charges, excluding the value-added tax (VAT)
During 8 months, Egyptians successfully brought in gold weighing approximately 3.8 tons, into Egypt without any customs fees, Head of the Egyptian Customs Authority, Al-Shahat Ghattouri told Asharq Bloomberg.
This surge in gold imports can be attributed to recent decisions made by the Cabinet, which exempted travelers from paying customs duties and other associated charges, excluding the value-added tax (VAT).
In May 2023, the Egyptian government approved a proposal that granted this exemption for individuals bringing gold into the country.
The exemption specifically applies to various forms of gold, including semi-manufactured gold, gold intended for currency-trade purposes, and jewelry components coated or made with precious metals.
Moreover, in November 2023, the Cabinet extended the duration of this initiative, allowing for an additional six months of zero-customs gold imports. The extension is set to last until May 10, 2024.
It is worth highlighting that the price of gold in Egypt has experienced a significant increase in the past two months, with the 21-karat gold reaching an impressive value of EGP 3,600.
