The Clap
The Ministry of Finance decided to reduce the import tax on 150 different production inputs.
Import Tax
Import tax is a customs fee that varies according to the imported commodity, depending on whether it is a finished good, an intermediate good in the manufacturing process, or raw materials.
Why this Matters
This decision helps support local industries and maintains employment rates, because importers of primary commodities necessary for industrialization will pay less tax on them, motivating them to manufacture more.
The government is trying to ease costs on importers, as the devaluation of the EGP put additional pressure on the cost of importing.
Import tax reduced on 150 product classes 👍
