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Over 306 kg of gold now in Egypt from abroad: Customs Authority

Egypt’s customs ports witnessed the entry of more than 306kg of gold accompanied by passengers coming from abroad from May 11 to June 22.

This comes after the implementation of the Prime Minister’s decision to exempt foreign-brought gold ornaments from customs tax and other fees except value-added tax.

The quantity reflects the willingness of Egyptians residing abroad to take advantage of the government’s facilities for the gold coming with them.

The head of the Customs Authority al-Shahat Ghattouri said that the Prime Minister’s decision to exempt gold imported with people coming from abroad from customs contributed to controlling markets and restoring stability and balance to prices, making them more consistent with international prices.

Ghattouri explained that the decision also leads to an increase in quantities offered against increased demand recently, and will also contribute to reducing customs evasion attempts at various custom ports.

Passengers coming from abroad must disclose the gold jewelry they are carrying to avoid customs evasion, and to benefit from the Prime Minister’s decision.

The decision exempts gold artifacts intended for monetary circulation, ornaments and jewelry, brought with Egyptian travelers coming from abroad from the customs tax and other fees – except for value-added tax – for a period of six months starting from May 11.

According to the resolution, this exemption does not apply to natural or cultured pearls, precious or semi-precious stones, mounted or inlaid on jewelry and its parts.

The Ministry of Supply proposed an initiative to exempt Egyptians coming to Egypt from fees when they buy gold from abroad.

Under the initiative, any Egyptian coming from abroad is exempt from fees imposed on between 100 and 150 grams of gold, which is equivalent to three gold bars weighing 50 grams per bar.

The proposal, put forward by Minister of Supply and Internal Trade Ali al-Moselhy, was due to a shortage in the gold in the Egyptian market, explained the Advisor to the Minister of Supply for Gold Affairs Nagy Farag.

The proposal aims to find a mechanism to provide gold supplies in the Egyptian market in order to stabilize prices, he added.

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