Customs sources said that for the seventh day, the mechanism of applying customs to cars includes obtaining car price lists from manufacturers worldwide and annually. The estimate is based on the current dollar rate, adding taxes and fees in Egypt, including 14% Additive, table tax and development fee.
The sources confirmed that after the application of zero customs on European cars, starting on Tuesday, January 1, 2019, the European cars were exempted from the so-called inbox, which ranges from 12 to 40% depending on the capacity of the string, from 1600 cc and even more From 2000 cc.
The "seventh day" received the text of the table, which includes duties and taxes on European cars before and after the application of "zero customs."
Dr. Magdy Abdel Aziz, Advisor to the Minister of Finance for Customs Affairs, said on Tuesday that Egypt has started applying the customs reduction by 30%, including 3 segments 10% in 2017, 10% in 2018 and 10% in 2019. "European" cars to zero from 1 January 2019, according to 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.