The Egyptian Finance Ministry announced on Friday that it would raise the customs dollar price for non-essential and entertainment goods, linking it to the exchange rate of the dollar in the Central Bank of Egypt (CBE) for a month starting from the first of December. A statement by the Finance Ministry said that the price of the customs dollar will be fixed at its current rate of LE16 for strategic and necessary goods for a month beginning from the first of December 2018 until December 31. US dollar exchange rate currently stands at LE17.86 for buying and LE17.95 for selling, according to CBE exchange rates. It explained that the price of the customs dollar for non-essential goods, which will be subject to the exchange rate declared by the CBE, contributes to the increase in the Value Added Tax of entertainment goods, as there is no justification for it to continue with the reduced price for customs dollar (LE16). The statement said that raw materials, production requirements, inputs and feedstock for industries have been taken into account, and will be subject to the price of customs dollar for essential goods (LE16).

Source: Egypt Independent December 01, 2018 14:15 UTC