Egypt imposes new import tariffs on consumer goods
(In final paragraph, corrects day new tariffs take effect to
Wednesday, not Thursday)
CAIRO, Sept 12 (Reuters) - Egypt announced a raft of
additional import tariffs on various goods, the official gazette
said on Wednesday, its first such attempt at curbing dollar
spending since 2016.
The charges include an additional 20 percent tariff on
machinery and equipment imported by tourist establishments, as
well as increases to fruit juices and baby formula.
Egypt, which relies heavily on imports, raised tariff rates
on a wide range of imports amid an acute foreign currency
shortage in 2016.
The head of the Egyptian customs authority, Sayed Negm, said
that 3,495 items of raw material and capital goods out of a
total of 5,791 were not affected by Wednesday's decision.
The same decree also reduced tariffs on production materials
used by companies that assemble goods locally.
"The amendments come as part of an effort to encourage local
industry and urge citizens to forgo non-essential goods. They
will help improve the state's revenues," said Radwa El-Swaify,
head of research at Pharos Securities Brokerage.
The measures come into effect on Wednesday, Finance Minister
Mohamed Maait said.
(Reporting by Hisham Haj Ali and Ehab Farouk; Writing by Nadine
Awadalla; Editing by Alison Williams)
First Published: 2018-09-12 16:22:14
Updated 2018-09-12 19:45:16
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