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The Egyptian government announced an initiative to allow Egyptians working abroad the possibility of importing cars for personal use, without customs duties, but on the condition that the value of the fees in dollars be deposited in the account of the Ministry of Finance.
The amendments made to the Car Import Law included non-compliance with the year of manufacture and the possibility of replacing cars that were proven in the import approval.
The new amendments approved by the Egyptian government to the car import law:
-First, regarding the first article, which is related to the recovery account, which is the account opened in the name of the applicant in Egyptian pounds in an Egyptian bank or in the National Postal Authority, which the applicant selects within a year of opening his electronic account, and the local equivalent of the cash amount due is deposited in it immediately Recovery time solutions.
-Secondly, about the second article, it stipulated that the import of the car should be from the first owner without adherence to a specific year of manufacture. The Egyptian Customs electronic platform, platform automatically determines the cash amount due on the car, which includes value-added tax, table tax, customs tax, the state’s financial resources development fee, and other administrative fees that are due to the state’s public treasury, or to a public entity.
-Thirdly, regarding the first paragraph of Article 7, it included that once the vehicle data is registered on the platform and the due cash amount is determined, a payment order is issued to the student through the platform for the due cash amount, so that the student transfers it to the bank account within a period of 6 months starting from mid-November 2022.
– Fourth, Article 8 included that after confirming the transfer, examining the bank account statement with the knowledge of the specialists in the Central Bank, and making sure that the student fulfils the conditions for granting some facilities to Egyptians residing abroad, the student is provided within 7 working days on his electronic account with an approved import approval, issued by the Ministry Financial, and valid until the end of a period of 5 years from the date of payment, during which the student has the right to complete the final registration procedures for the car and ship it, and the import approval is valid for the purposes of shipping the car from any country to a port in the Arab Republic of Egypt.
– Fifthly, if the examination results in the rejection of the import process, the requester shall be notified on his electronic account of this, and the previously transferred cash amount from the requester shall be refunded to the same bank account from which the transfer was made in the same foreign currency without deducting any amounts other than the transfer fees, within five days. Work from the date of rejection.
Can the vehicle registered in the import approval be replaced?
The applicant may, for any reason, replace the car that is fixed in the import approval issued to him with another car, by submitting a replacement request, within the validity period of the import approval and before issuing the initial customs release certificate, provided that he transfers from his bank account abroad, in foreign currency, the value of the difference By the amount of the increase, if any, in the cash amount due for the replaced car, and an import approval is issued with the data of the new car, provided that it does not exceed the validity period of the approval issued in accordance with the first paragraph of this article.
Possibility of redeeming the cash amount from the redemption account:
- It is possible to recover the due cash amount by transferring it to the recovery account, with the same value without interest, in the local exchange for the foreign currency in which it was paid, and at the exchange rate announced by the Central Bank at the time of recovery, on the day following the expiration of a period of five years from the date of the last payment at which the value of the cash due amount was completed.
- In addition, if an application is submitted to cancel the import approval on the platform, the cash amount due will be refunded within three months from the date of the cancellation request.
- In all cases, the cash amount due may not be refunded before the day following the expiry of the first year from the date of the import approval.
