The Egyptian government has slashed the down‑payment fees on imported goods. In a 3 June 2023 statement the Ministry of Finance said importers are now only allowed required to make an advance payment of 1% of estimated taxes and fees due on imported goods, instead the 30% previously required. Importers will pay the balance in line with prevailing customs tariffs when the goods arrive in Egypt.
The change is intended to not only facilitate trade and ease customs procedures, but also to help ease the considerable backlogs of imported goods at ports. According to Egypt’s Finance Minister Mohamed Maait, the government is implementing new procedures to reduce the time required to release goods from customs, as well as reduce the cost of goods and services. These include simplifying customs procedures, cutting red tape, and adopting digital solutions to speed up clearance procedures.