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Fabric & thread sector gets 25% cut in import tax
12 Mar '07
1 min read
Import duties were reduced significantly in February 2007 under the Presidential Decree 39, which included home appliances, garments, medication and medical equipments and major appliance.
Import tax plunge was recorded between the range of 25-6.5 percent, in an attempt to regulate and control consumer price inflation.
Tariffs on fabrics dropped to 10 percent from 22 percent, on threads to 5 from 12 percent and on garments from 40 to 30 percent.
Fabric and thread manufacturers opposed the proposed 55 percent cut in tariffs, which would have increased competitive pressures greatly.
Thus, the cut for this sector was restricted to 25 percent.
This move will bring Egypt into compliance with UN and World Customs Organization standards.
Government has also allocated LE150 million to help the local clothing industry deal with competition from abroad.
Import tax plunge was recorded between the range of 25-6.5 percent, in an attempt to regulate and control consumer price inflation.
Tariffs on fabrics dropped to 10 percent from 22 percent, on threads to 5 from 12 percent and on garments from 40 to 30 percent.
Fabric and thread manufacturers opposed the proposed 55 percent cut in tariffs, which would have increased competitive pressures greatly.
Thus, the cut for this sector was restricted to 25 percent.
This move will bring Egypt into compliance with UN and World Customs Organization standards.
Government has also allocated LE150 million to help the local clothing industry deal with competition from abroad.
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