$835 million from the car import initiative, and there is no intention to extend it

The Egyptian Minister of Finance, Muhammad Maait, confirmed that there is no intention to extend the period of operation of the law “facilitating the import of cars of Egyptians abroad” again after May 14, revealing that what has been collected so far reach About 835 million dollars.

Maait added, in a statement today, Friday, that the past few days witnessed a great demand for the initiative, as the average daily registration exceeded 6,000 requests, with an average transfer of $25 million per day, while the number of those who registered electronically reached more than 167,000 Egyptian residents.

He pointed out that the lesson is in joining the initiative, on the date of the commencement of the procedures for transferring the value of the deposit from abroad, no later than May 14, and not on the date of its arrival in the Ministry of Finance’s account at the National Bank of Egypt.

And he continued: “According to the recent legislative amendments, the validity for shipping and importing cars has been extended from one year to 5 years, and that the reduced customs tax is valid throughout the validity period, and the first owner has the right to import the car without being restricted to the year of manufacture, and others must not exceed 3 years at the time of customs release.” and the end of the initiative period.

And he indicated that the recent legislative amendments include reducing the customs tax by 70%, and it applies retroactively to the beneficiaries of the initiative in countries outside the trade agreements, as the total sums of money transferred from Egyptians abroad in these countries to the account of the Ministry of Finance are reduced by up to 58% according to the liter capacity of the engine. and fuel type.

And he stated that the government is committed to paying the deposits of Egyptians abroad, beneficiaries of the initiative to facilitate the import of cars, on the scheduled dates, at the exchange rate at the time it becomes due; Considering it an obligation on the public treasury, explaining that whoever wants to withdraw the transferred amounts from his account, in favor of the Ministry of Finance, and exit from the initiative after a year has passed from the date of import approval, he applies on the electronic platform, and he will obtain it at the exchange rate at the time of recovery within 3 months.

Maait had called on Egyptians residing in these countries, who transferred the money, before amending the law on the initiative, to apply for a refund of the customs tax differences after it was reduced, provided that it is refunded in the foreign currency paid within 6 months from the date of submitting the application on the electronic application for cars. Egyptians abroad.