Egyptian ports received passengers travelling with over 194 kg of gold from 11 May to 11 June, after the Prime Minister had decided to exempt travellers carrying gold from customs duty and other fees, except for the value-added tax (VAT). Al-Shahat Ghattouri, head of the Customs Authority, said that the Prime Minister’s decision to exempt gold imported with passengers from customs helps control the market and restores stability and balance to prices. As a result, the prices of gold become more consistent with international prices thanks to the increase in the quantities supplied against the decreasing demand. The Prime Minister’s decision also contributes to reducing customs evasion attempts at various customs outlets. He explained that these exemptions do not apply to varieties of natural pearls, and precious or semi-precious stones mounted or set on jewellery imported from abroad.

Source: Daily News Egypt June 13, 2023 14:03 UTC