Mohamed Maait, Minister of Finance, has announced that companies and establishments operating with interim permits will be exempted from customs and taxes temporarily on materials and components imported for local manufacturing and export.
A guarantee of no less than 60% of the customs and taxes on ready-made fabrics or clothing should be provided to benefit from the incentives.
Maait said, in a statement on Monday, that new incentives will contribute to supporting the national industry, maximizing its contributions to the GDP, creating job opportunities, increasing the production capabilities of the country, and enhancing the competitiveness of Egyptian products in global markets.
He pointed out that the ministry aims to include companies that adhere to the specific regulations of the temporary permit system to the list of “economic actors”; to enjoy the incentives provided to this segment. These incentives include customs clearance of cargoes through the Green Path system.
The Green Path was implemented in November 2020 to reduce time and cost of customs clearance, and improve Egypt’s position in the World Bank’s trading across borders ranking.
Maait added that follow-up stages of sample examination will be conducted at the General Organization for Export and Import Control, noting that the Ministry will provide a coordinator at the logistics centre to assist those companies in completing customs clearance procedures.