Mohamed Maait stated that payment orders issued to beneficiaries under the initiative have reached a total value of $1.8 billion
Minister of Finance, Mohamed Maait, stated that payment orders issued to beneficiaries under the initiative have reached a total value of $1.8 billion. Meanwhile, the total amount transferred from Egyptians abroad as part of the car imports scheme is $767 million.
Maait announced that Monday will be the final opportunity for individuals to take advantage of the tax-free initiative for Egyptian expats to import cars. The Minister emphasized that there are no plans to extend the deadline further.
He also highlighted that import approvals are valid for five years, during which individuals can select any car and replace it at their convenience. The initial owner has the right to import a car without being restricted by its manufacturing year, whereas others must ensure that the vehicle does not exceed three years at the time of customs release.
The Minister further explained that the facilities provided for Egyptians residing abroad also apply to imports from free zones within Egypt. These imports are subject to the same prescribed procedures as those for cars imported from overseas. The electronic platform offers the option to choose any free zone within Egypt as the import destination, on the condition that the payment for the car's value is transferred to the seller's account abroad in foreign currency.
Maait revealed that over 250,000 import approvals have been issued and more than 28,000 cars have been released to Egyptians residing abroad under the initiative. He emphasized that the deposits of Egyptians abroad benefiting from the car import facilitation initiative are paid on scheduled dates at the prevailing exchange rate, as an obligation of the public treasury.
The Head of the Customs Authority, Al-Shahat Ghatouri, stated that more than 537,000 citizens residing abroad have registered their applications on the electronic platform for the car importation initiative. These individuals have opened electronic accounts on the digital platform to facilitate the process.
