Dr. Ibrahim Ashmawy revealed the first assistant Supply Minister Details of the decision-making initiative to exempt gold imported from abroad with travelers from customs tax and fees, except for value-added tax.
There is no intention to restrict the issue of gold import exemption
And Dr. Ibrahim Ashmawy explained, during televised statements, that the solution to increase the supply in the market with an imbalance between demand and supply in addition to speculation is not import, as we found the best is the mechanism of allowing Egyptians coming from abroad to bring gold from abroad exempt from customs, AndEspecially with the approaching summer season and the arrival of Egyptians abroad.
The First Assistant Minister of Supply added that the initiative, in coordination with the Gold Division between the Ministry of Finance and Supply, was presented to the Council of Ministers and the decision was issued to enter gold and gold ore through the various ports, with zeroing of 5%, which represents customs on gold. artifacts
And Dr. Ibrahim Ashmawy added that the decision is encouraging and there will be a detailed executive regulation free of complications, but rather with facilitation and facilitation, stressing that there is a development in the initiative mechanism, as the basis was to set maximum limits in the proposal at 150 grams per person, but the mechanism after research and consultation exceeded the maximum limits. And nationality as well, which will contribute to an increase in the supply of gold in the market on the one hand, and a decline in remittances from Egyptians abroad.
And he stressed that the state has no intention of restricting movement, but the problem may occur when misuse, and then there may be more stringent rules, but the basis will be facilitation and facilitation by customs, saying: “The amount of gold that a person has inside must be disclosed.. and the number of grams. and factory.”
The Assistant Minister of Supply confirmed that the decision includes any person coming from abroad without being bound by a certain nationality, pointing out that he will take into account the invoice with the person, indicating that the decision is considered effective for a period of 6 months, and it is expected that there will be stability in gold prices in the coming period.
And the First Assistant Minister of Supply indicated that the value-added tax is applied to gold jewelry on workmanship, stressing: “There are no customs on gold while you are inside Egypt, stressing that the gold investment fund is a very positive thing, and it will be a special addition at this time.”
