The Egyptian government has approved a draft decree during its weekly meeting exempting travellers who bring gold from customs duties and other fees — except value-added tax (VAT) for a period of six months.
According to the cabinet, this exemption applies to semi-manufactured gold, gold prepared for currency-trade, and jewellery parts made or coated with a layer of precious metals, said local media reports.
Although the statement hasn’t specified the amount of exempted gold from taxes. Local media reported that Egyptians can enter airports or ports with up to 150 grams of duty-free gold.
“The new decision is good to pump more quantities of gold in the markets to reduce the prices amid the disruption of gold sales in Egypt in light of the shortage of U.S. dollars,” Nady Naguid, general secretary of gold branch in Cairo Commerce Chamber, told the press.
However, natural or cultivated pearls, gemstones, and composite or inlaid semi-precious stones on jewellery are not included in this exemption, they stated.
