Back to the complete issue
Monday, 26 September 2016

Gov’t mulls encouraging Egyptian expats to purchase locally-produced vehicles in USD

The government is considering a proposal encouraging Egyptian expatriates to purchase locally-assembled cars in USD, an unnamed government source told Al Borsa. Under the policy, expats will be offered Egyptian-made cars at lower prices on the condition they pay in FCY, while vendors taking part in the initiative may be offered tax and customs incentives such as rebates for making prompt deposits of these sales. The proposal appears to have garnered support from the industry, as Bavaria Group’s Farid El Tobgui expressed his support for the move. The trial balloon is part of a wider initiative proposed by the Immigration Ministry to attract FX from expats. The proposal will need further study, said Customs Authority head Magdy Abdelaziz, telling Al Masry Al Youm that the government will present it to the House for discussion this week.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.