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The Cabinet in Egypt approved recently a draft decision to exempt semi-wrought gold carried by Egyptians coming from abroad from customs duties and other applicable fees for six months. Only Value Added Tax (VAT), will be imposed on such imports
The Cabinet in Egypt approved recently a draft decision to exempt semi-wrought gold carried by Egyptians coming from abroad from customs duties and other applicable fees for six months. Only Value Added Tax (VAT), will be imposed on such imports.
The decision applies to semi-wrought gold as well as jewellery and their precious contents, even if they have a crust of precious metals. The exemption does not apply to natural or cultured pearls, precious or semi-precious artificial stones, or stones fixed in or used in studded jewellery pieces.
The decision comes within the framework of the ongoing efforts to stabilize gold prices inside markets and curb the attempts of evasion of customs duties on wrought and semi-wrought gold.
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Gold prices in Egypt have seen an unprecedented rise over the past months with the Egyptian pound losing over 100 percent of its value against the US dollar since the start of the Russia-Ukraine war in February 2022. The prices of gold reached around L3,200 per gram for 24-carat gold, and LE 2,800 and LE 2,400 for 21-carat and 18-carat gold respectively.
