"the customs": The initiative to allow the entry of gold without customs duties with Egyptians abroad will not be renewed

The head of the Customs Authority, Al-Shahat Ghatouri, confirmed that the initiative to allow duty-free entry of gold accompanied by Egyptians abroad will not be renewed again, following the end of the initiative on May 10.

Ghatouri said – in response to a question from the Middle East News Agency, on the sidelines of his participation in a symposium at the Egyptian Center for Economic Studies, today, Tuesday – that there has been a return to what was in practice before the exemption decision. Ending on May 10.

Ghatouri added that the Customs Authority re-applied the customs category stipulated in the customs tariff on gold jewelry imported by Egyptians working abroad, according to the inspection and value-added tax according to the daily price of gold, according to the Stamp Authority. And the scales.

He explained that the amount of gold that entered the country during the implementation of this initiative amounted to 4.5 tons of gold without customs.

On May 10, 2023, the Council of Ministers approved a draft decision regarding exempting imports. Gold brought in with Egyptians abroad will be exempt from customs tax and other fees, except for value-added tax, for a period of 6 months, so that the decision will be extended twice, and its implementation ended on May 10.

The head of the Customs Authority stressed – in his speech during the symposium – The need not to expand the opening of private free zones except when necessary and to make good use of the already existing areas, stressing the need for investors to adhere to the rates of exporting products abroad in order to save hard currency.

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Source of information and images “rosaelyoussef“