The Ministry of Investment has established new regulations for personal car imports, implementing strict controls to maintain market balance. According to these regulations, each importer is permitted to import only one vehicle every five years, provided they submit a bank statement that demonstrates their financial capability.
Conditions for Personal Car Importing
The rules stipulate that payment for the car must be made and Form 4 completed through Egyptian banks, with an exception for vehicles belonging to diplomats and Egyptians working abroad, as their payments can be processed from abroad.
Exceptions and Clarifications Regarding the Decision
The decision emphasizes that shipments arriving at Egyptian ports or those that opened a documentary credit before the decision came into effect are exempt, respecting legal aspects that prevent retroactive application of the regulations.
Statements from Consultant Osama Abu El-Maagd
In this context, Consultant Osama Abu El-Maagd, President of the Car Traders Association and Vice President of the Automobile Division at the General Federation of Chambers of Commerce, stated that these new rules aim to curb the phenomenon of "trader clients," which has harmed the local market.
- Limiting Individual Car Imports: Restricting imports to one vehicle every five years will reduce the exploitation of personal importing for quick profits.
- Impact of Previous Chaos: The previous disorder caused losses to the state, consumers, and traders alike.
Impacts on the State, Traders, and Consumers
The state has lost significant customs revenues and taxes, while prices have risen for consumers due to speculation and bidding wars. Traders have faced unfair competition from clients who became traders due to lenient previous laws, resulting in the closure of car showrooms and layoffs due to heavy financial burdens.
New Exceptions
Abu El-Maagd added that the law's exception for shipments arriving before the new decision reflects the Ministry of Investment's respect for acquired legal rights. He expressed hope that these exceptions would include the release of vehicles belonging to individuals with disabilities that are currently held in customs, without imposing additional costs, in consideration of their special circumstances.
