Dr. Naji Farag, Advisor to the Minister of Supply for Gold Industry Affairs, praised the Prime Minister’s decision to exempt gold imports from customs and all fees and collect value-added tax only, describing it as a very good and very patriotic decision.
Faraj added, during his interview with the “Sabahk Masry” program broadcast on the satellite channel “mbc Egypt 2”, today, Saturday, that this decision was issued based on a proposal from the Ministry of Supply after the disturbing rises in gold prices, the imbalance in the markets and the lack of gold supply. .
Value added tax on gold imports
And the advisor to the Minister of Supply for gold industry affairs continued, that the value-added tax, which does not represent any burden, amounts to 6.5 pounds per gram of 21 carat, 8.5 pounds per gram of 19 carat, and 9.15 pounds per gram of 24 carat, noting that this decision may contribute to stability in the country. The markets are abundant in local gold, with prices calming down, commenting: “Prices will calm down, but they will not decline much.”-
The gold price today in Egypt
He noted that the price of 21 carat gold today is 2450 pounds, explaining that we will not see strong price jumps again, stressing that gold is a very good store of value, and the Prime Minister’s decision will contribute to a strong recovery in the gold market in Egypt.
He stressed that the amount of gold imports, according to the decision, is open and unspecified, and the type of gold was not specified, whether ingots, gold artifacts, or gold pounds.