Exemption of gold imports that come with those coming from abroad from customs tax and fees

Cairo - Eco : During its meeting today, headed by Dr. Mostafa Madbouly, the Council of Ministers approved a draft decision of the Prime Minister regarding exempting gold imports in semi-worked forms, as well as those intended for cash circulation, jewelry, jewelry and their parts of precious metals...

even if they are clad or clad with a crust of precious metals, which are accompanied by Those coming from abroad, from the customs tax and other fees, except for the value-added tax, for a period of six months.

 

The draft decision also stipulates that this exemption does not apply to natural or cultured pearls, precious or semi-precious stones, mounted or inlaid on jewelry and their parts.

 

This approval comes within the framework of the efforts exerted to achieve stability in gold prices within the markets, and to reduce customs smuggling attempts of semi-finished and occupied gold items through various customs outlets.

 

Disclosure of the amount of gold

For his part, Hani Milad, head of the Gold Division at the Chamber of Commerce, said that the decision to exempt gold imported from abroad with travelers from customs tax and fees, except for the added tax, entered into force, and he added that there are executive procedures related to the details of implementing this decision that may be presented in the coming period.

 

He pointed out that the decision did not specify the amount of gold that is allowed to be returned, which means that there is no specific ceiling, which is a good thing, explaining that the person will be obligated to disclose the amount he carries, and only value-added tax will be required from him.

 

The head of the Gold Division of the Chamber of Commerce noted that the tax collection office is the one who will collect this tax from the traveler, indicating that the traveler must be in possession of the bill, whether it is an ounce or an ounce.

 

He explained that the decision is beneficial to all Egyptians abroad who wish to save their money in the form of gold.

 

Price stability and the gold market

For his part, Dr. Nagy Farag, Advisor to the Minister of Supply for Gold Affairs, noted that Dr. Ali Al-Moselhi, Minister of Supply and Internal Trade, had submitted a proposal to exempt gold artifacts from customs and fees, noting that this decision will have an impact on the Egyptian gold market as it will provide raw gold and artifacts and prevent unjustified rise. 

In prices, which leads to price stability and the gold market, and it is also known that gold is translated into dollars, which means an abundance of dollars in the national economy, explaining that any Egyptian coming from abroad applies to the decision to exempt customs for gold even if he is not a worker or resident abroad and he is traveling With the aim of tourism, work, or anything else, indicating that only the added value is paid, which represents a few pounds, and each gram has its own added value, and that the amount of gold is not limited to a specific amount, and it is “open” to all types of gold, whether they are ingots or gold artifacts.

 

 However, this matter does not apply to pearls, precious stones, and diamonds, as the aim of this decision is gold and the gold industry, indicating that this exemption is for a specific period of 6 months, with the aim of evaluating the experience, after which decisions are made for the best, because any experience that is applied to the Egyptian market is possible. That any negative verses appear, and then they are erased later.