23 June 2024 08:44 PM

Egypt slashes down payment on imported goods fees

Saturday، 03 June 2023 - 09:42 PM

The Ministry of Finance has reduced the down payment importers have to pay in advance on customs fees from 30 to 1 percent of the total amount of fees owed in order to alleviate burdens on importers.

According to a statement from the finance ministry on Saturday 03/06/2023, the balance of taxes and fees owed by importers on their imports would be paid after goods arrive at ports. 

The decision comes as part of the government’s efforts to alleviate burdens on importers, ease customs procedures, and prevent a repeat of last year’s months-long backlog of billions of dollars worth of imported goods at customs.

"We are keen on facilitating procedures for all those dealing with the customs authority, including importers or their agents, in order to shorten the length of time needed to release goods in customs, and, in turn, reduce the cost of goods and services," explained Minister of Finance Mohamed Maait, according to the statement. 

In April, Minister Maait reported that the government has released $23 billion worth of imported goods from ports and customs since January.


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