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Mohamed Maait, Minister of Finance, said that certain categories of tariffs have been changed to encourage local production and strengthen the competitiveness of Egyptian products in world markets.
After the House of Representatives approved Resolution No.558 of 2021 amending certain categories of tariffs, Maait said tariffs were reduced from 60% to 2% for “jet heads of pressure-filled ships. ‘(Spray heads) as the production requirement for a number of industries. In addition, a customs tax was imposed on the granite slabs at the rate of 20% while keeping the customs tax as it is, for the granite blocks, as it is one of the basic needs of the early days of the industry. granite. This aims to protect the local granite industry, especially since the final imported product is subject to a customs tax of 40%.
He explained that the tariff for granite achieves the required balance between production requirements, intermediate goods and finished products.
He pointed out that a customs tax has been imposed on photovoltaic cells imported as a final product of 5%, in particular that the basic components of photovoltaic cells are already subject to tax categories ranging from 2 to 5%. The customs treatment of the tariff for “photovoltaic cells” makes it possible to achieve the required balance between production inputs, intermediate goods and finished products.
A customs tax equivalent to 10% has been imposed on imported mobile phones to stimulate the local information technology industry, especially mobile phones, while exempting computers and their accessories and “tablets” as they are the main digital transformation tools developing the education system.
El-Shahat Ghatouri, head of the Customs Authority, said the decision to change some categories of tariffs was taken in light of the findings of the Higher Tariff Council, which aimed to tackle tariff distortions and to define appropriate tax categories to achieve the required balance between the activation of the production and commercial process; meet the requirements of the industrial sector; and recognize the importance of using tariffs as a financial policy tool to encourage local industry.
In accordance with customs law, these changes to certain categories of tariffs were implemented as of Sunday, pursuant to the approval by the House of Representatives of resolution 558 of 2021.
The Ministry of Finance and the Customs Administration were keen to interact positively with the business world, to study its proposals and to take the necessary measures to stimulate the investment climate and encourage investors to develop their production activities.
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