The deputy of the Parliament’s Plan and Budget Committee Representative Mostafa Salem announced further details for six new amendments to the law on importing Egyptian expat cars on Monday.
During a phone interview with TV host Amr Adib on his show “al-Hekaya” (The Story) on MBC Masr channel on Monday, Salem said that the most important amendments are the reduction of the customs tax value of the refunded deposit by about 70 percent for cars of Egyptians abroad.
He added that Egyptian expats will pay only 30 percent of the customs tax value in a deposit in foreign currency, which they will recover after five years.
The deputy of the Parliament’s Plan and Budget Committee added that the refund of the deposit will be in US dollars, which is the same currency as the deposit.
The period for importing cars has been extended to five years, instead of one year, and the ban on resale of cars of Egyptians abroad has been abolished, in return for a deposit in US dollar of the value of customs after applying the exemption, to be refunded after five years, he added.
Amendments also included extending the payment or registration period from three months to six months and lifting the ban on resale.
The House of Representatives agreed during a plenary session to exempt 70 percent of customs duties for the cars of Egyptians abroad, along with 100 percent of table tax, value added and development fees.