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00:58
Egypt expects 2 bln USD in revenue from expat customs-free car import initiative
STORY: Egypt expects 2 bln USD in revenue from expat customs-free car import initiative
SHOOTING TIME: June 20, 2024
DATELINE: June 21, 2024
LENGTH: 00:00:58
LOCATION: Cairo
CATEGORY: ECONOMY
SHOTLIST:
1. various of Egyptian Finance Minister Mohamed Maait
2. various of an Egyptian port
3. various of new cars
STORYLINE:
Egyptian Finance Minister Mohamed Maait said on Thursday that the applications registered by expats, with an aim of benefiting from the zero-customs car import initiative, push expectations to about 2 billion U.S. dollars in revenue.
The minister said that more than 250,000 "import approvals" have been issued, and over 35,000 imported cars have been released so far.
The initiative allows expatriates to bring one personal-use vehicle to Egypt without incurring customs duties or taxes, including the value-added tax (VAT).
Egyptians living abroad should make a five-year bank deposit in foreign currency.
After five years, expatriates can withdraw their money in Egyptian pounds according to the local currency exchange rate at the time of withdrawal, importing their vehicles without customs charges.
The initiative is part of Egypt's broader efforts to enhance foreign currency inflows into the economy.
Xinhua News Agency correspondents reporting from Cairo.
(XHTV)
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