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finally! The country announced the immediately relaxation of import restrictions! The import tariff

  • Release Date:2022-09-22
It is reported that since this spring, in order to cope with foreign exchange shortages, Egypt has implemented a series of import control measures. Affected by the shortage of foreign exchange and the implementation of the letter of credit, Egypta importers face many difficulties in obtaining raw materials and finished products. Some factories have reduced production capacity, and some factories are basically or even completely stopped.

On August 30, the Egyptian Finance Minister Maait said that in view of the continuous impact of the international economic crisis, after the coordination of the Egyptian Central Bank, the Ministry of Communications, the Ministry of Trade and Industry, the Shipping Chamber of Commerce, and the shipping agent, the Egyptian government has approved a share of a share of special packages. Measures to accelerate the release of imported goods accumulated in the port, reduce the burden on importers, and take effect within a few days.

At that time, the goods that have stayed in the customs but have completed the customs clearance procedures will be allowed to release, and investors and importers who cannot complete the customs procedures due to the failure to obtain the letter of credit (L/C) are not allowed to pay fines, food goods and other goods allowed to stay in the customs for staying in the customs. Time has been extended from one month to four and six months, respectively.

In the previous actual operation, after the importer paid various customs customs clearance fees to obtain the transportation order, the "Form 4" (FORM 4) was submitted to the bank to obtain the letter of credit or completed the receiving process with the single trust, but the credit permit took a long time consuming very long for a long time. Essence

After the implementation of the new policy, the importer can get a temporary explanation from its bank to prove that it is dealing with its Table 4, then the customs will clear customs clearance and coordinate directly with the bank in order to receive credit in the future.

Local media believe that before the effective solution of foreign exchange shortages, new measures are expected to apply only for goods currently staying in customs. As for other goods that are still detained, the shipping company will now allow the shipping company to store imported goods in warehouses outside the country's land port or customs port to wait for customs clearance. The person in charge of the Customs and Taxation Committee of the Egyptian Industry Federation said that this means that importers will avoid paying the stagnation fee generated by the container to stay at the port.

In addition, before the goods are regarded as "abandoned", the importers will have more time to deal with their goods. Food and non -food goods will now have a wide limit of four and six months. After that, the customs authorities will regard it as "abandoned" goods. It is reported that since 2020, the country's authorities have stipulated that food and non -food goods have been regarded as abandonment, and the time limit for staying at the customs is one month. The abandoned goods are usually held by the state and later sold at the auction.

People in the country believe that these measures are a step in the correct direction, but it is not enough to resolve the crisis.

On September 4, the Egyptian Minister of Finance, MIT, issued a new regulations on tariffs, announcing the reduction of import tariffs of 150 types of production input products in order to promote the development of national industrial and maintain employment rates.

Commodities that benefit from reduced tariffs include production input products, agricultural equipment, and drugs and medical supplies. According to the new regulations:

• Equipment used to handle crops, straw and feed, as well as import tariffs on sorting fruits and eggs from 5%to 2%;

• Import tariffs that are applicable to raw materials such as manganese, iron, aluminum, copper and lead ore decreased from 10%to 5%;

• Import tariffs on the application of production input products in the cement industry rang from 10%to 0-5%;

• The import tariffs used by coal, fertilizer and seeds decreased from 5%to 2%;

• The import tariffs applicable to imported vehicles and components are reduced from 5%-40%to 2%;

• The import tariffs applicable to natural gas power vehicles are reduced from 30%to 2%;

• The import tariffs used by tractors, ships, aircraft, and railway equipment were adjusted to 2%.

It is reminded that traders with Egyptian customers pay more attention to changes in relevant policies. Even if Egypt's import control has relaxed, exporting Egypt should still pay attention to the safety of payment.