The government passes a law that allows Egyptians overseas to import a tax-free car

In today’s meeting, led by Dr. Mostafa Madbouly, the Cabinet approved a bill on the granting of certain facilities to Egyptians residing abroad, in response to requests from our children abroad.

The bill provides that “by way of derogation from the rules and provisions governing the taxes and duties due to the importation of cars for personal use, and the provisions for customs exemptions established pursuant to the Customs Law promulgated by Law no. 207 of 2020, and the import controls established in the same regard, an Egyptian who has a valid residence abroad has the right to import a private car for personal use, exempt from taxes and fees that had to be paid for the release of the car, including the value added tax and service tax, according to the rules and provisions of this law, against the payment of a cash amount in foreign currency, a declaration is not due on it, transferred by the abroad in favor of the Ministry of Finance to one of the bank accounts indicated by the decision referred to in article (8) of this law, with a rate of 100% of the value of all taxes and fees, which had to be paid for the release car, including value tax. “.

The bill provides that the cash amount transferred to the Ministry of Finance is recovered after five years from the date of payment, with the same value in the local exchange of the foreign currency in which it was paid at the exchange rate announced at the time. of the ransom.

The Egyptian wishing to benefit from the provisions of this law, on the date of payment of the agreed cash amount, is required to have a valid legal residence outside the country, to be at least 16 full Gregorian years, and to have a bank account at the who has been open for at least three months, and the husband and children of an Egyptian resident abroad are excluded from this condition, when the remaining conditions set out in this article are met.

A vehicle imported by a person other than the first owner, in accordance with the provisions of this law, must not be more than three years old from the date of entry into force of the provisions of this law from the year of manufacture.

The bill also provides that the Council of Ministers, within two weeks from the date of entry into force of the provisions of this law, on the proposal of the Minister of Finance, after coordination with the Central Bank and the competent authorities, the decision to implement the provisions, accompanied by tables of the values ​​of the cash amounts and the type of foreign currency payable, distributed by type and class of vehicles and their origin.

To benefit from the provisions of this law, the cash amount referred to in article 1 of the same is transferred within a period not exceeding four months from the date of execution of the executive decision referred to in the previous article.

The Egyptian who wishes to benefit from the provisions of this law registers their data and those of the vehicle to be imported, and pays the agreed amount in cash. 8) of this law.

In the event that the import is not completed within the term referred to in the previous paragraph, the cash amount previously paid is immediately refunded, with the same value and currency in which it was paid, without interest.