The law allows Egyptians with a valid residency abroad to import a passenger car for personal use exempted from customs taxes and fees, in exchange for an amount transferred in US dollars to the Ministry of Finance’s account at the National Bank of Egypt (NBE) under the number 173100167.
Under the law, cars shall be imported from the car’s original owner, or their manufacturing date shall be in 2019 or later.
Any extraordinary tools or equipment in imported cars shall be reported and cars that have prohibited features in Egypt shall not be covered by the law.
As for exports from free zones, the new decree stipulates that an applicant shall import a car from a free zone operating in Egypt according to a set of conditions, after the full payment of the imported car’s price in foreign currency.
On October 12th, the Egyptian Cabinet approved a draft law enabling Egyptian expatriates holding valid residencies to import cars for personal use exempted from customs clearance fees and taxes, including the value-added tax (VAT) and payroll tax.
This article is originally published by arabfinance.com