{"id":622115,"date":"2018-11-27T04:21:50","date_gmt":"2018-11-27T04:21:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/27\/car-assemblers-safe-as-finmin-looks-to-close-knock-down-loophole\/"},"modified":"2018-11-27T04:21:50","modified_gmt":"2018-11-27T04:21:50","slug":"car-assemblers-safe-as-finmin-looks-to-close-knock-down-loophole","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/27\/car-assemblers-safe-as-finmin-looks-to-close-knock-down-loophole\/","title":{"rendered":"Car assemblers safe as FinMin looks to close knock-down loophole"},"content":{"rendered":"

<\/a> EXCLUSIVE- Car assemblers safe as FinMin looks to close knock-down loophole: <\/strong>The Finance Ministry has instructed customs officials to charge the same duties on knocked-down imports they do on finished products in the same categories, Finance Ministry adviser and former Customs Authority head Magdy Abdel Aziz told Enterprise. The move is meant to close a loophole under which Abdel Aziz says importers bring in knocked-down goods \u2014 essentially kits of fully manufactured components that are assembled here in Egypt with zero value addition \u2014 to take advantage of lower import tariffs. The decision will protect local manufacturers, he added, suggesting the move appears is a shift in regulatory policy and will not require the House to pass new legislation.<\/p>\n

Auto assemblers need not worry:<\/strong> Auto assemblers can rest assured that completely knocked-down (CKD) imports will not be subject to the policy, Abdel Aziz said. Assemblers who augment their CKD kits with locally-manufactured components are exempt from the policy as they \u201ccontribute to an important value-added industry,\u201d he added.<\/p>\n

Food for thought #1: <\/strong>The topic of duties on CKD raises a few interesting questions for policymakers. As customs duties on EU cars fall to 0% in January (the same time at which levies on Turkish auto imports will fall to 4% from 8%) and with no automotive directive in place, cutting or eliminating tariffs on CKD could provide lifeline to auto assemblers. As it stands, local assemblers pay 7-9% in custom tariffs on CKD kits.<\/p>\n

Food for thought #2: <\/strong>Policymakers could also help local assemblers compete with EU cars by giving incentives to consumers: Car buyers in Egypt have to pay registration fee of up to 2% on locally-assembled cars. Cutting or eliminating these fees could help spur sales of locally assembled vehicles.<\/p>\n

Speaking of customs legislation, proposed changes to the <\/strong>Customs Act<\/strong><\/a> are back to the Finance Ministry for review <\/strong>after others at the cabinet table offered comments for consideration, a senior ministry source told Enterprise. Expect news on an amended draft of the legislation within about two weeks, we\u2019re told.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Car assemblers safe as FinMin looks to close knock-down loophole: The Finance Ministry has instructed customs officials to charge the same duties on knocked-down imports they do on finished products in the same categories, Finance Ministry adviser and former Customs Authority head Magdy Abdel Aziz told Enterprise. The move is meant to close a […]<\/p>\n","protected":false},"author":1,"featured_media":622116,"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":[8572],"tags":[309,3414,664,72,276,180,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-customs","tag-customs-act","tag-customs-authority","tag-enterpriseam","tag-finance-ministry","tag-legislation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4e1fb33b-5ee6-42fa-bc61-5c359f4b8547","order":"0","is_powered_by":true,"section_story_id":"b7bda5ca-eadd-4115-bdeb-d549a369b28e","story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/31.jpg","photo_position":"above","related_issue":[622100],"teaser":"","voice_url":""},"yoast_head":"\nCar assemblers safe as FinMin looks to close knock-down loophole - 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\/2018\/11\/27\/car-assemblers-safe-as-finmin-looks-to-close-knock-down-loophole\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Car assemblers safe as FinMin looks to close knock-down loophole\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Car assemblers safe as FinMin looks to close knock-down loophole: The Finance Ministry has instructed customs officials to charge the same duties on knocked-down imports they do on finished products in the same categories, Finance Ministry adviser and former Customs Authority head Magdy Abdel Aziz told Enterprise. 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The system would allow importers\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598214,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/19\/finmin-trade-ministry-expand-egypts-automotive-incentives-strategy-to-cover-all-industries\/","url_meta":{"origin":622115,"position":1},"title":"FinMin, Trade Ministry expand Egypt\u2019s automotive incentives strategy to cover all industries","author":"enterpriseam admin","date":"19 May 2019","format":false,"excerpt":"EXCLUSIVE- FinMin, Trade Ministry looking to expand automotive industry-style incentive strategy to other sectors: The finance, trade and industry ministers are working on a more expansive incentives strategy for all local industries based on its program for the automotive industry, a senior official in the government tells Enterprise. The program\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/381.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621492,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/11\/has-the-eu-rejected-egypts-proposal-to-delay-delay-0-customs-duties-on-car-imports\/","url_meta":{"origin":622115,"position":2},"title":"Has the EU rejected Egypt\u2019s proposal to delay delay 0% customs duties on car imports?","author":"enterpriseam admin","date":"11 November 2018","format":false,"excerpt":"Has the EU rejected Egypt\u2019s proposal to delay 0% customs duties on car imports? Egypt will cut tariffs on European cars to zero starting from January 1, 2019, under a trade agreement between Egypt and the European Union, EU Ambassador to Egypt Ivan Surkos reportedly said on Thursday, according to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626901,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/15\/finance-minister-appoints-amr-el-kholy-as-interim-head-of-customs-authority\/","url_meta":{"origin":622115,"position":3},"title":"Finance Minister appoints Amr El Kholy as interim head of Customs Authority","author":"enterpriseam admin","date":"15 July 2018","format":false,"excerpt":"Vice Minister of Finance for Public Revenues Amr El Kholy was appointed interim head of the Customs Authority on Thursday, according to a Finance Ministry statement picked up by Al Mal. El Kholy replaces Gamal Abdel Azim, who was arrested last week on charges of accepting bribes worth EGP 1\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595783,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/","url_meta":{"origin":622115,"position":4},"title":"Egypt\u2019s FinMin closes legal loophole in calculating late income tax penalties","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"LEGISLATION WATCH- FinMin closes legal loophole in calculating late income tax penalties: The Finance Ministry has added a clause to the Income Tax Act\u2019s executive regulations to clearly specify a time period against which late tax payment fees are calculated, according to a document (pdf) seen by Enterprise. The clause\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572887,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/13\/car-prices-for-2020-models-expected-to-drop-2021-models-to-rise\/","url_meta":{"origin":622115,"position":5},"title":"Car prices for 2020 models expected to drop, 2021 models to rise","author":"enterpriseam admin","date":"13 July 2020","format":false,"excerpt":"You can expect car prices to ease a bit in the coming months before rising again later in the year, the car-crazy domestic press suggests. Why car prices are going down\u2026 Dealers are overstocked right now after demand slumped thanks the nighttime curfew imposed earlier in the covid-19 epidemic and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622115","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=622115"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622115\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622100"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/622116"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622115"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622115"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}