Egypt has started implementing a 30% reduction in tariffs, including 3 segments 10% in 2017, 10% in 2018 and 10% in 2019 by reducing tariffs on cars, said Dr. Magdy Abdel Aziz, adviser to the Minister of Finance for Customs Affairs. "European" to zero from 1 January 2019, in accordance with the schedule agreed bilaterally in the Association Agreement between Egypt and the European Union, confirming that Circular No. 1 of 2019 was circulated in this regard at customs outlets.
The Minister of Finance, in special remarks for the "seventh day", said that the Customs Authority, began to implement the decision through six customs outlets for cars, namely customs Cairo, Alexandria, Suez, Port Said, Safaga and Nuweiba, pointing out that about 70% of Egypts imports of cars are from Alexandria Customs Road, stressing that Egypt has 15 seaports, but a limited number of them are ports for cars.
Dr. Magdi Abdel Aziz, Advisor to the Minister of Finance for Customs Affairs, said that the impact of the customs reduction on European cars on the customs revenues amounted to about LE 1.5 billion during the year. He pointed out that the target customs revenues in the current fiscal year are estimated at 45 billion pounds, 100% of the target, stressing that the circular was circulated on European cars, after receiving a letter from the Ministry of Commerce and Industry addressed to the Ministry of Finance.