Egypt approves new facilities for imported second-hand cars

The Ministry of Finance approved on Monday new facilities for customs' duty on imported second-hand cars.

The ministry issued a decree that gives second-hand cars, which run with electric engines or are powered by electric and fossil engines, a 10 percent deduction on the free of board (FOB) value applied to imported cars.

The decree will be applied to second-hand cars that are imported as of October of the model year through September of the following year.

The decree also gives second-hand cars of the abovementioned types, which are imported after September of the model year, a 10 precent deduction on the FOB value for each year for a two-year period as of October, in addition to a 5 percent deduction on the FOB value in the years to follow.