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FINANCIAL NEWS
Egypt boosts customs duties to support local production
05 Dec 2016
(MENAFN) Egypt has raised customs duties on more than 300 goods to 60 percent for many items in order to encourage local production and curb a trade deficit.
Accordingly, the tariff increases on 320 categories of goods aimed manufactured products that are also made regionally, like carpets, ceramics and cosmetics.
Meanwhile, tariffs on carpets doubled to 60 percent from 30 percent, while duties were also raised on goods that were deemed non-essential, such as fresh fruit.
On the other hand, the new tariffs would boost customs incomes by USD339mn a year if imports remained at recent volumes.
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