{"id":581544,"date":"2023-02-15T00:00:00","date_gmt":"2023-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/expat-car-for-fx-scheme-likely-to-be-extended-again-amid-low-turnout\/"},"modified":"2023-02-15T00:00:00","modified_gmt":"2023-02-15T00:00:00","slug":"expat-car-for-fx-scheme-likely-to-be-extended-again-amid-low-turnout","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/expat-car-for-fx-scheme-likely-to-be-extended-again-amid-low-turnout\/","title":{"rendered":"Expat car-for-FX scheme likely to be extended again amid low turnout"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The <\/span><span style=\"font-weight:700\">expat car-for-FX scheme is sticking around a while longer: <\/span><span style=\"\">The <\/span><span>government\u2019s expat car-for-FX scheme will likely remain open until mid-May after the House Planning and Budget Committee yesterday <\/span><span style=\"\">gave preliminary <\/span><span style=\"\">approval<\/span><span style=\"font-weight:400;\"> to amendments granting it a two-month extension. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span> The amendments extending the scheme will now go up for a vote by the House\u2019s general assembly when it reconvenes on Monday 27 February. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- <\/span><span>The scheme allows expats <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/13\/egyptian-expats-get-new-cars-finmin-gets-fx-more-buildings-up-for-reconciliation-83841\/\" style=\"\">to bring cars<\/a><\/span><span style=\"font-weight:400;\"> into Egypt, paying customs fees, VAT, and other taxes upfront in FX. The expats will then receive a full rebate on the dues in five years\u2019 time \u2014 paid in EGP at the USD-EGP exchange rate at that time and without interest. The scheme was introduced by the government as one of several measures to drum up hard currency amid an ongoing FX shortage.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Finance Minister Mohamed Maait had said last month there would be <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/11\/goldman-sachs-thinks-the-egp-has-further-to-fall-even-though-its-has-probably-already-overshot-its-fair-value-93296\/\" style=\"\">no further extensions<\/a><\/span><span style=\"\"> to the <\/span><span style=\"\">14<\/span><span style=\"\"> March deadline. The deadline was initially set for 15 February but was pushed after the ministry introduced <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/28\/this-morning-see-you-next-year-folks-92377\/\" style=\"\">amendments<\/a><\/span><span style=\"\"> to make it easier for Egyptians abroad to take advantage of the scheme.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The CBE is on board: <\/span><span style=\"\">\u201cThe CBE has no objection to any amendments that could pump foreign exchange into the country, and all we want is that the amendments strike a balance between the interests of Egyptian expats and the need for doubling the country\u2019s FX revenues,\u201d Deputy Central Bank of Egypt (CBE) Governor Sherif Farouk told MPs yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The program has so far raised less than 2% of its target:<\/span><span style=\"\"> Ahead of the program\u2019s launch, <\/span><span>Finance <\/span><span>Minister Mohamed Maait said that the scheme could bring in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/17\/expat-car-import-scheme-could-raise-egp-50-bn-worth-of-fx-maait-84169\/\" style=\"\">more than USD 2.5 bn<\/a><\/span><span> by the time it ended on 15 February. As of earlier this week, Egyptian expats had transferred just USD 38.5 mn to import cars into the country, Customs Authority head El Shahat El Ghatwary told a parliamentary committee yesterday, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3E7tpSU\" style=\"\">Youm7<\/a><\/span><span style=\"font-weight:400;\">. Some 39k expats have registered for the scheme, 11.4k have paid, and 2.3k have received approval. Just 126 cars have so far been cleared through customs under the scheme, he added. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Expats could also get five years to bring their vehicles into the country under the <\/span><span style=\"font-weight:700\">scheme<\/span><span>,<\/span><span style=\"font-weight:700\"> <\/span><span>up from one year previously, House Budget and Planning Committee Deputy Chairman Yasser Omar told Kelma Akhira (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=tat52eqrUxs\" style=\"\">watch, runtime: 8:42<\/a><\/span><span>).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EUR 64 MN LOAN FOR CAIRO METRO-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">An EUR 64 mn loan from South Korea\u2019s Export-Import Bank (KEXIM) and Credit <\/span><span style=\"font-weight:700\">Agricole for 32 underground trains <\/span><span>got a nod from the House Transport Committee. KEXIM will lend the government EUR 36 mn (60%) while the remaining EUR 28 mn will come from Credit Agricole. The trains are set to run on <\/span><span>Cairo Metro Lines 3 and 4. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The scheme allows expats to bring cars into Egypt<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[144,104,72,2234,274,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581544","post","type-post","status-publish","format-standard","hentry","category-legislation-watch","tag-automotive","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-house-of-representatives","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"4ee131a6-7192-4c98-bd59-738e31cfe006","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581530],"teaser":"The scheme allows expats to bring cars into Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.f082d751-30f5-49e0-aa2f-9b3f32a976e8.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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 &quot;LEGISLATION WATCH&quot;","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":581544,"position":1},"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 &quot;LEGISLATION WATCH&quot;","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":606450,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/17\/the-expat-car-import-scheme-is-making-a-comeback\/","url_meta":{"origin":581544,"position":2},"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 &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1013.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581159,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/govt-approves-two-month-extension-to-expat-car-import-scheme\/","url_meta":{"origin":581544,"position":3},"title":"Gov\u2019t approves two-month extension to expat car import scheme","author":"enterpriseam admin","date":"21 February 2023","format":false,"excerpt":"The scheme has so far failed to gain traction among Egyptians abroad","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","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\/cars-ports-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581550,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/more-from-dubai-how-many-ways-can-mps-think-of-to-drum-up-fx\/","url_meta":{"origin":581544,"position":4},"title":"More from Dubai + How many ways can MPs think of to drum up FX?","author":"enterpriseam admin","date":"15 February 2023","format":false,"excerpt":"It was a mixed bag on last night\u2019s talk shows. President Abdel Fattah El Sisi\u2019s participation in Dubai\u2019s World Government Summit led coverage for a second day, while amendments to the expat car-for-FX scheme and the state privatization program also got attention. Analysts gave the pundits their two cents on\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/El-Sisi-Dubai-WGS-2.15.23-1600px.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":581544,"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 &quot;Automotive&quot;","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\/581544","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=581544"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581544\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581530"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581544"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581544"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}