The Egyptian government Wednesday approved temporarily a draft decree exempting travelers who bring gold from customs duties and other fees except value-added tax (VAT), reports say.
The draft is applicable to semi-manufactured gold, gold prepared for currency-trade, and jewelry parts made or coated with a layer of precious metals.
It is however unclear how much gold will be exempted from taxes for travelers entering the country. The move comes amid plans by the Arab country to boost gold supply to stabilize the market amid the recent surge in the gold market globally.
The gold market in Egypt has been disrupted due to a set of factors, including shrinkage in supply, due to the shortage in US dollars, coupled with ballooning demand, Ahram Online reports.
Gold prices have surged by over 50 percent year-to-date. Minister of Finance Mohamed Maait last Sunday said the country would decide Wednesday whether to allow citizens returning to the country to bring up to 150 grams of gold duty-free.
Source: North Africa Post