A new customs tariff of 20% for the import of manufactured marble products was approved by the Egyptian Parliament last Sunday while the customs tariff for raw marble imports remains at 2%.
Aiming to boost domestic productivity and trade, Egypt’s Parliament – the House of Representatives – has approved a presidential decree to change customs tariffs on certain imported goods.
According to Fakhry El-Fiqi, chairman of the House’s Budget Committee, the changes in tariffs, now and then, reflect economic developments both internationally and locally. He went on to say “in fact, customs tariffs should be used to ensure, at the same time, a balance between the goal of activating productive and commercial life both locally and internationally and the need to impose reasonable duties on imports goods.”
The catalyst for the changes in customs tariffs was the dialogue that opened between Egyptian industrial companies, including marble companies, and the Ministry of Finance. “As a result, the Technical Secretariat of the Higher Council of Custom Tariffs, affiliated with the Ministry of Finance, and representatives of the two ministries of Industry and Trade reviewed the proposed changes submitted by these companies and came up with the new changes,” El-Fiqi said.
Finally, he pointed out that “the new tariffs aim to encourage local industries and generate more revenues for the state budget”. He also highlighted that “changing customs tariffs and systems should come in a way that serves new economic realities and help make the investment climate in Egypt more attractive.