Sources at Egyptian Tax Authority revealed on Wednesday that the total amount of gold that entered Egypt with those coming from abroad, after applying the decision to exempt customs taxes and fees from last May 11 until Septmeber 24, amounted to more than 2 tons.
Earlier, the Cabinet approved 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).
Egyptian gold purchases grew by 46.3% during the first half of this year, to exceed 33.5 tons, compared to 22.9 tons in the same period of 2022, according to World Gold Council data.
The increase was driven by the growth in purchases of pounds and bullion by about 173% to 18.6 tons compared to 6.8 tons, while artifacts declined by about 8% to 14.8 tons compared to 16.1 tons.
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