Today, Wednesday, the Egyptian Cabinet approved a draft decision on exempting gold imports, which are accompanied by those coming from abroad, from customs tax and other fees, except for value-added tax, for a period of six months.
The Cabinet said in a statement, that the decision stipulated exemption from semi-worked gold imports, intended for cash circulation, jewelry, jewelry and their parts of precious metals, even if they were clad or clad with a crust of precious metals.
The draft decision also stipulates that this exemption does not apply to natural or cultured pearls, precious or semi-precious stones, mounted or inlaid on jewelry and their parts.
This approval comes within the framework of the efforts exerted to achieve stability in gold prices within the markets, and to reduce customs smuggling attempts of semi-finished and occupied gold items through various customs outlets.
The Ministry of Supply and Internal Trade in Egypt had submitted a new proposal to control gold prices by increasing the supply by allowing those coming from abroad to enter 150 grams of gold without customs.