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The Egyptian Cabinet releases the regulations for the tax-free Egyptian expats car import law

The Egyptian Cabinet announced the executive regulations of the tax-free law for Egyptian expats to import cars for personal use.

The government will launch an app and an online platform that will automatically calculate the required USD payment for expats based on the car model they will import. The expats who wish to import will have 4 months starting today to pay their customs fees, VAT, schedule tax, and development fees in USD to the National Bank of Egypt at this account number (173100167).

Under the car import law, Egyptians aged 16 and above, who have valid residence permits abroad and bank accounts, which should be at least three months old, have the right to import one private passenger car for their personal use. The law states that Egyptians who have dual citizenship can benefit from the law.

Eligible Egyptian expats can deposit in foreign currency the value of the customs duties and taxes that they would have paid for releasing their car from customs to the Ministry of Finance as a five-year bank deposit without interest. Five years later, the expat will be able to withdraw the money in Egyptian pounds at the value of the local currency at the time of withdrawal. The law does not prohibit the sale of the car after importing it.

Under the law, Egyptian expats can import used cars provided that the manufacture year should be 2019 or later. The imported car should be for personal use only and not for commercial purposes. You can find all this information and more here.

This car import law was announced earlier this year with aims to support Egypt in raising foreign currency amid the ongoing FX shortage.

The post The Egyptian Cabinet releases the regulations for the tax-free Egyptian expats car import law appeared first on WAYA.

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