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Wednesday, 8 February 2017

Customs breaks for expat cars for USD coming

An Immigration Ministry-led committee is looking to develop a strategy to reduce customs on cars belonging to Egyptian expatriates upon their return to Egypt in exchange for a USD deposit, Al Borsa reports. The committee has settled on custom breaks of 5-50% depending on the make and model of the car, said government sources. It has also settled on ending requiring expats to prove they were the initial owners of the vehicle. To benefit, expatriates must have spent at least one year abroad and only one car per family will be eligible for the benefits, said Immigration Minister Nabila Makram. It has yet to be decided whether to restrict the deposits solely to the CBE or to open it up to state-owned banks, government sources added. The initiative was first announced back in September, with reports that it may include providing incentives to expats to purchase locally assembled cars in USD.

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