Egypt Independent

Finance Ministry denies reports on taxing Egyptian exports



The Finance Ministry has denied news reports about increasing custom fees on Egyptian potato exports.
 
In a statement on Wednesday, the ministry stressed that Egyptian exports were not subject to any kind of custom duties or taxes.
 
Custom fees are exclusively imposed on imports based on the official tariff, the ministry added.
 
The statement, quoting the ministry’s Tax Authority, said there were no deliberations on imposing any fees on Egyptian exports, arguing that that had been the ministry’s policy over the last two decades to boost accessibility to world markets.
 
According to the Central Bank of Egypt, Egyptian exports declined to US$26.12 billion by the end of financial year 2013-2014. That’s a drop from US$26.99 billion in 2012-2013.
 
Exports to the European Union states remained on top with 36 percent pf the total, followed by exports to Arab states with 23.4 percent.