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The Egyptian House of Representatives approved the new legislation that would control and stabilize the car market. A draft law establishing the Supreme Council for the Automotive Industry and the Environmentally Friendly Automobile Industry Fund aims at regulating the sector to pave for its orderly growth. The new regulation grants car import facilities to Egyptians living abroad.
The Egyptian House of Representatives approved the new legislation that would control and stabilize the car market. A draft law establishing the Supreme Council for the Automotive Industry and the Environmentally Friendly Automobile Industry Fund aims at regulating the sector to pave for its orderly growth. The new regulation grants car import facilities to Egyptians living abroad.
A draft law provides for Egyptians residing abroad exemption from all taxes and fees on imported cars. In return, they have to deposit a cash amount in foreign currency equal to the value of those fees in favour of the Ministry of Finance. The law also provides for the establishment of a Supreme Council to set policies for the localization of the automobile industry.
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The establishment of a fund to finance the environmentally friendly car industry and incentives to investors who target the local assembly and manufacture of environmentally friendly cars are the other features of the proposed bill.
