Picture for illustrative purposes only.
PHOTO BY ARCHIVE
Travelers entering Egypt with gold will be exempted from paying taxes for custom duties and other fees, according to the Egypt Cabinet.
This comes after Egypt’s Cabinet approved a draft decree exempting travelers from gold tax for a period of six months. The tax exemption does not include Value Added Tax (VAT).
The government said the tax exemption applies to gold jewellery, semi-manufactured gold and gold for currency trading.
The government has not yet specified the exact amount of gold that will be exempted from taxes for travelers entering the country.
The move to exempt travelers from gold tax is aimed at reducing gold smuggling and to reduce the prices of gold in Egypt, which has seen a shrinkage in supply and high demand of gold in recent months. ICA/Expat Media
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