The Clap
Egypt has reduced customs tariffs on 150 types of imports that enter the production process in different sectors.
Claps Class
Customs tariff is a tax imposed by the state on imports for the purpose of collecting revenue for the state. The tarrif is also intended to protect local industry by raising the price of imported products.
The deets
Items reduced include operating requirements for electric and natural gas vehicle refueling stations.
The Ministry of Finance also reduced the customs tariff on imports of natural gas-powered cars by 35%.
Why this matters
Reductions were aimed at balancing out taxes on finished products and raw materials. The balance will ensure that industry and employment are maximized and more investment is attracted.
