The Egyptian government announced the abolition of customs on gold imports for a period of 6 months, which means that Egyptians can now import gold without paying any customs duties and they only have to pay value-added tax. Customs smuggling attempts of semi-worked and worked gold items through the various customs ports. Exemption from customs includes all types of gold, including gold intended for monetary circulation, jewelry, and their parts of precious metals.
The impact of customs abolition on gold prices in Egypt
This decision is expected to lead to a decline in gold prices in Egypt during the coming days, as the best-selling 21 carat in Egypt today recorded 2490 pounds, after a decline of about 60 pounds, while the global price is equal to 56.6 dollars, which is equivalent to about 1800 Egyptian pounds, and the decision will work on Increasing the supply in the market, and from here the prices will decrease, because allowing gold to enter without customs duties will push prices in the direction of decline. The government has set the weight available for entry without customs at 150 grams per person, and you will only have to pay the value added tax for the workmanship only and not for the weight of the ingot.
What is the value added tax and how is it calculated?
The Gold Division and the Ministry of Supply confirmed that gold coming from abroad is subject to a value-added tax of 14%, but not on the total price of the ingot, but on the price of workmanship only.
- 24 karat gram: value added tax 9.24 pounds.
- 21 karat gram: value added tax 6.16 pounds.
- 18 karat gram: the added value is 9.24 pounds.
Source: مصر فايف by misr5.com.
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