Cairo – Minister of Finance Mohamed Maait (pictured) issued a simplified customs procedures and Value Added Tax (VAT) refund manual for the foreign guests of the United Nations Climate Change Conference (COP27) which will be hosted by Egypt in the Red Sea city of Sharm El-Sheikh in November.
The manual identifies import customs procedures under the temporary release system, cargo temporary release for exhibition and re-exports procedures and VAT refund procedures for foreign departing passengers. The manual was circulated, uploaded and published on the COP27 website, Ministry of Finance website, and the portals of other related authorities. Access the English version.
All import shipments related to COP27 are exempted from Advanced Cargo Information (ACI) registration at all customs ports. All cargo arriving at Sharm el-Sheikh International Airport will not be declared through the NAFEZA system. Simplified procedures also apply to the temporary release for cameras and media equipment of foreign press and media correspondents, Maeet said.
According to a statement issued by the Ministry of Finance, the COP27 participant delegations will enjoy tax and customs exemptions and benefits. On arrival to Egypt, guests must declare the amount of foreign currency they hold, tradable financial or commercial bonds. Non-Egyptian passengers leaving Egypt are allowed to travel with the remaining amounts providing they were declared to customs at the time of arrival.
El-Shahat Ghatouri, the head of the Tax Authority and Customs Authority, explained that the committee will make decisions on the temporary release of equipment, machines, devices among all items imported to the COP27.Maait has approved establishing a bonded area at Sharm El Sheikh International Airport for the examination, inspection and valuation processes to facilitate cargo customs procedures.
Ghatouri has clarified that a central operations room was created at the Cairo International Airport to monitor and remove immediately any impediments to customs release.
IVA refund
Egyptian Tax Authority CEO Mokhtar Tawfik has announced that foreign passengers who departed Egypt for a period less than three months shall be entitled to refund VAT value they paid of the registered seller for purchases of taxable goods. The provided value of their purchases must be in one invoice and not less than EGP 1,500 (USD 76.2).
*Translated by Georgette Merkhan & Guilherme Miranda
