Urgent.. The government is in the process of extending the gold customs exemption initiative

Parliamentary sources revealed the support of the Plan and Budget Committee and the Economic Committee of the House of Representatives for the decision of the Minister of Supply and Internal Trade to extend the decision to exempt gold imports accompanied with those coming from abroad from all customs duties for another 6 months.

It is noteworthy that the Council of Ministers decided to approve a draft decision to exempt gold imports in semi-manufactured forms, as well as those intended for cash circulation, jewelry, and jewelry and their parts of precious metals, even if they are clad or clad with a crust of precious metals, which are brought with those coming from abroad, from customs tax and other fees. Excluding value-added tax, for a period of six months.

And sources related to the Ministry of Supply indicated that Dr. Ali Al-Moselhy, Minister of Supply and Internal Trade, announced that he would submit a request to the Council of Ministers to extend the customs exemption initiative on gold imports for an additional 6 months.

The draft decision stipulates that this exemption does not apply to natural or cultured pearls, precious or semi-precious stones, mounted or inlaid on jewelry and their parts.

This decision was one of the main factors for achieving stability in gold prices in the markets, and limiting customs smuggling attempts for half-worked and occupied gold items through various customs outlets.

This approval comes within the framework of the efforts exerted to achieve stability in gold prices within the markets, and to reduce customs smuggling attempts of semi-finished and occupied gold items through various customs outlets.

While the private sector praised the draft decision, which leads to providing supply in the markets, which will contribute to reducing prices, especially with a gap between supply and demand, after the high domestic demand for gold and the citizens’ tendency towards it as a means of investment and saving during the recent period, hoping that this proposal will be implemented.

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