The House of Representatives of Egypt has given its approval to a bill that extends the expat car import initiative for an additional three months. The decision was made during the general session held on Monday15/10/2023, indicating the government’s commitment to supporting this program.

Under the program, Egyptians residing abroad are allowed to import cars without paying any taxes, with one condition: they must deposit an equivalent amount in a five-year foreign currency certificate of deposit.

This requirement ensures that the country benefits from the influx of hard currency, while also providing an opportunity for expats to bring in vehicles without the burden of taxes.

During the session, it was announced that the second phase of the initiative is projected to generate approximately $1.1 billion in hard currency receipts. Moreover, the Cabinet has the authority to extend the program for another three months if needed.

The bill encompasses the same conditions and regulations as Law No. 161 of 2022. According to these provisions, Egyptians seeking to take advantage of the initiative must possess a valid legal residence abroad and should not have previously utilized the benefits offered by the program. The specific amount of foreign currency required for the transfer depends on the type and model of the car being imported.

The extension of the expat car import initiative encourages expats to invest in Egypt helping the country to increase its foreign currency reserves and encourage economic growth.

Egypt Today

Source: State Information Service Egypt