FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard FoegerCAIRO – 10 May 2023: The Cabinet approved on Wednesday a draft decision to exempt semi-wrought gold carried by Egyptians coming from abroad from custom duties and other applicable fees, except Value Added Tax (VAT), for six months. The Cabinet said its decision comes “within the framework of the ongoing efforts to stabilize gold prices inside markets and curb the attempts of evasion of customs duties on wrought and semi-wrought gold via different customs outlets”. Last week, the prices of gold reached around L3,200 per gram for 24 carat gold, and LE 2,800 and LE 2,400 for the 21 carat and 18 carat gold respectively, which are the most populous among Egyptians. Nagui Farag, advisor to the Minister of Supply for gold affairs, said in TV remarks on Tuesday that the decision mainly targets gold bars and coins, noting that gold prices per gram abroad are around LE 600 less than the gold prices in Egypt.
