Minister of Finance, Mohamed Maait, has set April 29 as the deadline for tax-free initiative for Egyptian expats to import cars. Applications must be registered online, and the deposit paid by this date.

Additionally, this is the ultimate deadline, and there shall be no further extensions, Maait emphasized.

Minister Maait pointed out that the volume of remittances from Egyptians abroad who benefited from the initiative reached $750 million.

The number of imported cars being released to Egyptians living abroad is on the rise, and beneficiaries have now received a total of 27,000 cars, he added.

The minister added that the number of import initiative approvals issued reached 250,000. These approvals are valid for 5 years, during which the beneficiary may choose any car and replace it at any time.

He indicated that the facilities scheduled for Egyptians abroad also apply to imports from free zones inside Egypt. Additionally, the cash amount due for the value of the car should be transferred to the seller’s account from abroad in foreign currency.

The number of Egyptians abroad who registered electronically to benefit from this initiative reached 490,000, Al-Shahat Ghattouri, head of the Egyptian Customs Authority said.

Explaining the financial aspects of the initiative, Maait highlighted the value of the deposit, which represents the reduced customs tax applicable to cars imported under this program. The deposit remains valid throughout the entire duration of the import approval.

The first owner of the vehicle is not restricted by the manufacturing year, while subsequent owners must adhere to a three-year limit. The customs release time for imported cars should not exceed three years.