Finance Minister Dr. Mohamed Maait announced the Republican Decree No. 59 of 2020, which is the law on amending some categories of customs tariffs, which the Customs Authority has already implemented in order to offer a number of facilities to encourage Egyptian industry.
Implementation of the decision to amend some categories of customs tariff begins:
And also, in order to contribute to increasing investments, which creates new job opportunities, increases productive capacities, and expands the possibility of exporting in order to improve economic performance indicators and help raise growth rates.
Dr. Muhammad Maait clarified, through a statement released today, Sunday, 20 September 2020, that work will be done to continue the exemptions and reduced tariffs for raw materials and production requirements, in order to achieve a balance for the customs tax.
He added that the tariff is used to reduce the burdens on citizens, while these new amendments include a reduction in customs duties by more than 50% of their current levels for some types, including furniture, petrochemicals, and durable electrical appliances such as refrigerators and televisions.
Likewise, on mass transit vehicles beside the vehicle supply stations with electric power and natural gas. This decision aims to work to fill the loopholes of customs evasion. The reduction of the customs tax on goods and electrical appliances will reduce the prices of durable electrical appliances by a large percentage.
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