Egypt imposes new import tariffs on consumer goods

Thursday 13 September 2018 12:50 PM

, Finance Minister Mohamed Maait
, Finance Minister Mohamed Maait



Reuters
Egypt announced a raft of additional import tariffs on various goods, the official gazette said yesterday, its first such attempt at curbing dollar spending since 2016.

The charges include an additional 20 percent tariff on machinery and equipment imported by tourist establishments, as well as increases to fruit juices and baby formula.

Egypt, which relies heavily on imports, raised tariff rates on a wide range of imports amid an acute foreign currency shortage in 2016.

The head of the Egyptian customs authority, Sayed Negm, said that 3,495 items of raw material and capital goods out of a total of 5,791 were not affected by Wednesday’s decision.

The same decree also reduced tariffs on production materials used by companies that assemble goods locally.

“The amendments come as part of an effort to encourage local industry and urge citizens to forgo non-essential goods. They will help improve the state’s revenues,” said Radwa El-Swaify, head of research at Pharos Securities Brokerage.

The measures come into effect on Wednesday, Finance Minister Mohamed Maait said.





فيسبوك
تويتر
يوتيوب