{"id":581159,"date":"2023-02-21T00:00:00","date_gmt":"2023-02-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/govt-approves-two-month-extension-to-expat-car-import-scheme\/"},"modified":"2023-02-21T00:00:00","modified_gmt":"2023-02-21T00:00:00","slug":"govt-approves-two-month-extension-to-expat-car-import-scheme","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/govt-approves-two-month-extension-to-expat-car-import-scheme\/","title":{"rendered":"Gov\u2019t approves two-month extension to expat car import scheme"},"content":{"rendered":"

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<\/span>Expat car-for-FX scheme extended to May:<\/span> The Cabinet has approved <\/span>a<\/a><\/span>two-month extension<\/a><\/span> to its expat car-for-FX scheme, which has so far <\/span>failed to gain traction<\/a><\/span> among Egyptians abroad. The program, which was supposed to end in the middle of March, will now remain open until mid-May, giving people more time to sign up, Parliamentary Affairs Minister Alaaeddin Fouad told MPs yesterday. His statements came during a meeting held by the House Budget Committee yesterday to continue discussing how to increase participation in the scheme.<\/span><\/p>\n

REFRESHER-<\/span> <\/span>The scheme<\/a><\/span> provides incentives to Egyptians living abroad to purchase cars <\/span>overseas and import them into Egypt, and was designed by policymakers to bring more FX into the country. Under the rules, expats will receive full rebates on customs fees, VAT, and other taxes within five years of purchasing a vehicle, provided they pay them upfront in FX <\/span><\/p>\n

Three months in and it is yet to get off the ground:<\/span> The scheme has brought<\/span> in just USD 202 mn since its launch in November, just 8% of the original <\/span>USD 2.5 bn target<\/a><\/span>, the Finance Ministry <\/span>said (pdf)<\/a><\/span> this week. The head of the Customs Authority last week put the figure at USD 38.5 mn. Some 42k people have now registered with the scheme, 12k of which have paid, according to the ministry.<\/span><\/p>\n

Another two months:<\/span> \u201cThe cabinet took note of last week's amendments introduced by MPs, <\/span>but it decided that expats will have six months to take advantage of the initiative and pay their dues to the Finance Ministry,\" Fouad said. Some lawmakers last week had <\/span>called for the scheme to be extended<\/a><\/span> until the middle of May.<\/span><\/p>\n

Some aspects of the bill remain up for debate:<\/span> MPs have not agreed on a response to a <\/span>proposal to grant Egyptians living in the Gulf a 50% discount on taxes and customs, <\/span>House Planning and Budget Committee Deputy Chairman Yasser Omar said on Kelma Akhira last night (<\/span>watch, runtime: 7:25<\/a><\/span>). \u201cDiscussions [yesterday] saw a legal argument over an article offering 50% to expats in the Gulf,\u201d he said. The measure was put forward to help buyers in the Gulf vis a vis their Europe-based counterparts who don\u2019t have to pay customs duties when importing cars to Egypt. The debate will be settled next week when the House reconvenes, he said. <\/span><\/p>\n

What\u2019s next:<\/span> The amendments will make their way to the House to be up for a final discussion <\/span>and vote when it reconvenes on Monday, 27 February.<\/span><\/p>\n

ALSO FROM THE HOUSE<\/span>- <\/span><\/p>\n

Temp licenses for industrial projects approved by House committee:<\/span> <\/span>The House Industrial <\/span>Committee approved yesterday a government-drafted bill that would allow unlicensed industrial projects to obtain temporary licenses. Their approval comes one day after the Senate <\/span>greenlit the bill<\/a><\/span> in a bid to provide temporary relief to the informal businesses. The <\/span>House Budget Committee <\/span>will prepare a report on the bill to be up for a final discussion and vote when the House reconvenes on Monday 27 February. <\/span><\/p>\n

Committee green-lights development fee exemption for phone components:<\/span> <\/span>The House <\/span>Budget Committee approved a recent decision by the cabinet to <\/span>exempt mobile phone components<\/a><\/span> from the <\/span>5% development fee. The move is designed to encourage the local manufacture of the components and lower the industry\u2019s reliance on imported goods. <\/span><\/p>\n

FROM THE SENATE-<\/span><\/p>\n

Gov\u2019t could hike local wheat prices:<\/span> The Cabinet may raise local wheat procurement <\/span>prices again, Agriculture Minister El Sayed El Quseir told senators yesterday. \"I would like to indicate that the government is currently revising the wheat purchase price and that there could be a new increase when the delivery season begins,\" he said. His statements came in response to many senators calling for higher purchase prices to encourage increased production.<\/span><\/p>\n

REMEMBER-<\/span> The suggestion of a new increase comes <\/span>nearly a month<\/a><\/span> after the government raised local wheat procurement prices by 40% to EGP 1.25k per ardeb for the coming season.<\/span><\/p>\n

Mic drop:<\/span> The Senate adjourned this week's sessions yesterday, and is set to reconvene on Sunday, 5 March.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The scheme has so far failed to gain traction among Egyptians abroad<\/p>\n","protected":false},"author":1,"featured_media":581160,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[144,317,72,2234,274,7196,187,131,392,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-automotive","tag-commodities","tag-enterpriseam","tag-foreign-exchange","tag-house-of-representatives","tag-industry","tag-legislation-watch","tag-manufacturing","tag-senate","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"e50291cb-7f59-41ab-b7b9-ae88c74b5632","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/cars-ports-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581147],"teaser":"The scheme has so far failed to gain traction among Egyptians abroad","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.bbfe5df5-8323-4373-b9d7-ea098c77da07.mp3"},"yoast_head":"\nGov\u2019t approves two-month extension to expat car import scheme - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/govt-approves-two-month-extension-to-expat-car-import-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t approves two-month extension to expat car import scheme\" \/>\n<meta property=\"og:description\" content=\"The scheme has so far failed to gain traction among Egyptians abroad\" \/>\n<meta property=\"og:url\" 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scheme allows expats to bring cars into Egypt","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":606450,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/17\/the-expat-car-import-scheme-is-making-a-comeback\/","url_meta":{"origin":581159,"position":1},"title":"The expat car import scheme is making a comeback","author":"enterpriseam admin","date":"17 September 2023","format":false,"excerpt":"Egyptian expats get another three months to import cars in exchange for FX deposits","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet 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The program was set to expire in mid-March but will now end on 12 May if the amendments\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/parliament-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581934,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/mps-approve-changes-to-expat-car-import-scheme\/","url_meta":{"origin":581159,"position":3},"title":"MPs approve changes to expat car import scheme","author":"enterpriseam admin","date":"1 March 2023","format":false,"excerpt":"MPs give final nod to expat car import scheme changes: The House of Representatives yesterday gave its final approval to a raft of changes to the expat car import initiative designed to boost demand for the flagging scheme. Under the amendments, the scheme will be extended for another two months\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/House1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608254,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/foreign-investors-can-become-importers-expat-car-import-program-gets-extension\/","url_meta":{"origin":581159,"position":4},"title":"Foreign investors can become importers + expat car import program gets extension","author":"enterpriseam admin","date":"17 October 2023","format":false,"excerpt":"MPs also approved handing the rights to develop the Safaga Port to a consortium of three companies including AD Ports","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/811.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577238,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/","url_meta":{"origin":581159,"position":5},"title":"It\u2019s lift-off for the expat car-for-FX scheme","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Cabinet is out with the rules and regulations for the expat car importscheme: The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme, according to two separate statements (here and here). The rules\u2026","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/234.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581159"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581159\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581147"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581160"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581159"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581159"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}