Egypt : Egypt approves new customs tax breaks for used electric cars
- 02 March 2021 / News / 129 / Africa-BI
Minister of Finance Mohamed Maait issued a decree including new facilities in calculating the customs tax for used passenger cars that operate with an electric motor or with dual motors "electricity, gasoline".
This decision comes in line with the state's efforts to expand the use of electric vehicles, especially since Egypt is a promising market for the transportation industry in general.
Maait explained in a statement issued, Monday, that the decision included granting used passenger cars that operate with an electric motor or dual motors a 10- percent discount from the Free On Board (FOB) value, provided that the import rules are met, which are received in Egypt from the first of October of the model year until End of September of the following year.
The decision also included granting used passenger cars that operate with an electric motor or with dual motors that meet the import rules, and which are returned to Egypt after the end of September of the year following the model year, a deduction of 10 percent of the FOB for each year of the following two years starting from the month of October of each year, and a 5 percent discount is granted for each of the following years starting from October of each year, and in all cases the discount rates do not exceed 50 percent.
He pointed out that this comes in light of the state’s tendency to strive to rely on clean cars to preserve the environment and save energy, especially since electric cars can travel a long distance with minimal energy consumption.
Egypt : Financial position of banks in Egypt increases to EGP 7.3trn in February
- 12 May 2021
The total financial position of banks working in the Egyptian market recorded about EGP 7.347trn in February 2021, compared to EGP 7.158trn in January 2021.A report by the Central Bank of Egypt (CBE),...