Egypt extends tax-free car import initiative

Egypt will extend for additional three months the tax-free car import initiative launched by the country in view of widening the beneficiary base, Arab Finance reports.

Finance Minister Mohamed Maait who made the announcement said that the number of beneficiaries has increased by more than three times during the first two months of the initiative’s second phase, as compared to the same period during the first phase.

The government is expected to collect around $2 billion from the initiative’s first and second phases, he said.

The North African country through the initiative reportedly collected $800 million during the first phase.

Under the initiative, Egyptian expatriates are allowed to choose any car and replace it at any time during 5 years.
An approved applicant has the right to import the car without being limited to the year of manufacture, but others should not exceed 5 years, the time of customs clearance.