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Egypt temporarily exempts travellers from gold tax

Treasure, Gold, Finger Reuters/Mohamed Abd El Ghany
The Egyptian government has yet to specify the exact amount of gold exempted from taxes

The Egyptian government has temporarily approved customs duty and other fee exemptions, excluding VAT, for travellers bringing in gold for a period of six months.

The exemption applies to semi-manufactured gold, gold prepared for currency-trade, and jewellery parts made or coated with a layer of precious metals, UAE state-run Wam news agency reported, citing a draft decree approved by the cabinet.

However, natural or cultivated pearls, gemstones and composite or inlaid semi-precious stones on jewellery were excluded from the exemption list.

The Egyptian government has yet to specify the exact amount of gold exempted from taxes for travellers.

Finance minister Mohamed Maait said earlier that the Egyptian government is taking a final call to decide to allow those coming from abroad to bring up to 150 grams of gold duty-free, Ahram Online reported.

The move aims to stabilise gold prices within the markets and reduce the smuggling of half-manufactured and manufactured gold.

The gold division at the Cairo Chamber of Commerce proposed the draft decree to lessen pressure on the local gold supply and reduce prices.

The gold market in Egypt has been disrupted due to several factors, including shrinkage in supply, shortage in US dollars and growing demand.

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