As Egypt continues to battle through dire economic conditions, the government has announced an increase in tariff rates on a wide range of imported items, the official Gazette said on Sunday. The decision is seen as the latest effort by authorities to reduce costs on imports as the country struggles through a severe currency crisis. The decree issued by President Abdel Fattah al-Sisi will affect hundreds of commodities such as clothing, shoes, watches, household appliances and dog food. On some items such as nuts and fruits, customs tariffs are increased by as much as 100 percent, while levies on other goods are raised by between 25 and 50 percent. Magdy Abdel Aziz, head of Egypt’s customs authority, told Reuters that the new tariffs could increase Egypt’s customs revenue by about USD 128 million in the second half of the fiscal year 2015-2016. “The customs on household appliances, electronic devices, clothing, shoes, crystal and plastics increased from 30 to 40 percent,” says Abdel Aziz said. “The decision is aimed at protecting national industry and stopping the draining of foreign currency.” On his part, Ziad Waleed, economist at Cairo-based investment bank Beltone Financial,…
Egypt Raises Tariffs on a Wide Range of Imported ‘Luxury’ Goods
February 1, 2016
