Ambassador Suha Gendy, Minister of State for Immigration and Egyptian Affairs Abroad, said the Cabinet’s approval of a bill exempting Egyptians’ cars overseas from taxes, customs and tax satisfies the most important request of Egyptians abroad, explaining that obtaining the exemption in exchange for placing this value in foreign currency in the form of a deposit, to be exchanged in Egyptian pounds after five years at the foreign exchange rate in force in that moment, noting that the value of the deposit is determined by the value of the cost that the Egyptian would have paid overseas taxes and customs duties on his car.
And he explained in the video – which he recorded to citizens overseas to explain the details of the project announced today – that this exemption applies to any Egyptians residing overseas without the requirement that they have spent a certain amount of time abroad, where the individual has the right to bring a car, either personally or to any member of his or her larger family. From 16 years, provided there is a bank account for more than three months.
The Minister of Immigration thanked the Prime Minister, Dr. Mostafa Madbouly, the Ministers of Finance, Trade and Industry, the President of the Central Bank, the Ministers concerned, the Councilors of the Council of Ministers and the Council of State, for their great effort to bring the bill to light, explaining that the next phase will see the sending of the law to the Chamber of Deputies for the study and approval of the executive regulation.
