Egyptian travelers bring over 3.8 tons of customs-free gold to Egypt in 8 months

Egyptians travelers brought over 3.8 tons of customs-free gold from abroad into Egypt during eight month, Head of the Egyptian Customs Authority, Al-Shahat Ghattouri told Asharq Bloomberg.

 

This came in line with Cabinet decisions, which exempted travelers from paying customs duties and other associated charges, excluding the value-added tax (VAT).The cabinet gave its approval in May to a proposal that introduced an exemption for individuals who bring gold into the country.

 

This exemption covers a range of gold types, including semi-manufactured gold, gold intended for currency-trade purposes, and jewelry components made or coated with precious metals.

 

Furthermore, the Cabinet extended the duration of this initiative in November, allowing for an additional six months of gold imports without any customs duties. This extension will remain in effect until May 10, 2024.

 

It is worth noting that the price of gold in Egypt has witnessed a significant surge over the past two months. Particularly, the value of 21-karat gold has reached an impressive EGP 3,600.