Thursday, December 8, 2022

Egyptian Expats Can Import Personal Cars Without Customs Duties

The Global Legal Monitor from the Law Library of Congress informs us that Egyptian President Abu al-Fatah al-Sisi ratified Law No. 161 of 2022 regulating the import of personal vehicles by Egyptian expats. The new law, which the Law Library of Congress tells us is the first of its kind in Egypt and will remain in effect for only four months, will allow Egyptian expats to bring their personal vehicles back to Egypt upon their return from abroad without paying any customs duties and taxes.

The new law provides that Egyptian expats who wish to import their personal vehicles may, in lieu of paying tax and customs duties, deposit a cash amount in foreign currency (U.S. dollars or euros) in a certificate of deposit in an Egyptian bank for five years, after which the expats can recover their cash deposit in Egyptian domestic currency. This foreign currency cash deposit will be equivalent to the value of all taxes and fees that had to be paid to import a car into Egypt.

Click here to read more from the Law Library of Congress.


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