Finance Minister Mohamed Mait issued a decision on Sunday setting regulations governing customs duties that were reduced on 150 types of imported production inputs in a bid to stimulate national industry and maintain employment rates.
The new regulations aim at facilitating customs procedures at all outlets to increase production, support local industry and localize advanced industries that comply with anti-climate change standards, the minister said in a statement.
Goods benefitting from reduced tariffs include production inputs, agricultural machinery and medicines and medical supplies.
Import duties on equipment for agricultural crops, straw, fodder, and sorting fruits and eggs have dropped from 5 percent to 2 percent. Raw materials like manganese, iron, aluminum, copper and lead ores are now subject to 5 percent tariff instead of 10 percent, while cement industry inputs will enjoy 0 percent to 5 percent rates compared to the previous 10 percent.
Tariffs for coal have also been lowered to 2 percent from 5 percent, while fertilizer and seed duties were reduced to 2 percent from 5 percent. Imported vehicles and parts will be subject to a 2 percent tariff instead of the current 5 percent to 40 percent range; natural gas powered cars will be subject to a 2 percent tariff from 30 percent, and duties on equipment for tractors, ships, aircraft and railways are now 2 percent.
Source: Egypt Today Magazine