Egypt exempts 7 items of gold imports from customs tax

Egypt exempts gold from customs duties for those coming from abroad for a period of 6 months, to achieve stability in gold prices inside the markets

The Egyptian Cabinet approved a draft decision regarding exempting gold imports that come with those coming from abroad from customs tax and other fees, except for value-added tax, for a period of 6 months.

customs tax

According to a statement, the Council of Ministers headed by Mostafa Madbouly approved, during its meeting yesterday, Wednesday, a draft decision regarding exempting gold imports in semi-worked forms, as well as those intended for cash circulation, jewelry and their parts of precious metals, which are accompanied by those coming from abroad, from Customs tax and other fees, except for value-added tax, for a period of 6 months.

Tax free gold

The draft decision stipulates that this exemption does not apply to natural or cultivated pearls, or 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-occupied and occupied gold items, through the various customs outlets.

Gold without customs

The Ministry of Supply and Internal Trade in Egypt had submitted a new proposal to control gold prices by increasing the supply by allowing those coming from abroad to enter 150 grams of gold without customs.

A rise in gold prices

Egypt recently witnessed a record rise in gold prices during the past days, and traders attributed the reason to the increase in the value of the yellow metal in global stock exchanges, and the rise in the price of the dollar against the pound in the unofficial market.

The pioneers of social media circulated pictures of scenes of crowds in the goldsmith's shops, which was explained by the merchants by the increased demand for buying bullion and gold pounds for investment, in addition to the seasonal demand for buying gold due to holidays and marriage.

Meanwhile, pages on social media offered to sell artifacts and gold bars at lower prices than shops, taking advantage of the high demand from citizens. Officials and gold traders warned citizens of the dangers of this, for fear of being exposed to fraud attempts that lead to huge financial losses.