The Car Customs Exemption Bill for Egyptians Abroad, specifying the conditions that must be met by the Egyptian wishing to benefit from the provisions of that law if passed. Plan and Budget Commission, the offices of the commissions for economic affairs, constitutional and legislative affairs and foreign relations The bill provides for the exemption of Egyptian cars abroad from taxes and customs.
The bill specifies in its second article “2” the conditions that must be met by an Egyptian who wishes to benefit from the provisions of this law once it is approved, and the cash amount stipulated in article 1 of this law must be paid. , as follows:
1- Have a valid legal residence outside the country.
2- Must be at least 16 full Gregorian years old.
3- Must have a foreign bank account that has been open for at least three months.
NB:
An exception to this condition is the spouse of an Egyptian resident overseas and their children, if the remaining conditions set out in this article are met for them.
It should be noted that Article 1 of the bill provides for: an exception to the rules and provisions relating to taxes and duties due to the importation of cars for personal use, the provisions for customs exemptions established pursuant to the promulgated customs law by law n. 207 of 2020, and the import controls established in this regard as follows:
1- The Egyptian who has a valid residence abroad has the right to import a private car for personal use, exempt from taxes and charges that had to be paid for the release of the car, including value added tax and the service tax, in accordance with the rules and provisions of this law.
2- Against the payment of a cash amount in foreign currency, for which no interest is due, transferred from abroad to the Ministry of Finance on one of the bank accounts indicated in the decision referred to in Article (8) of the this law, with a rate of 100% of the value of all taxes and contributions that had to be paid for the release of the car, including value added tax and service tax, is refunded after five years from the date of payment with the same value, in the local exchange rate for the foreign currency paid therein and at the exchange rate announced at the time of redemption.
