Cairo – Mubasher: Egypt will collect temporary duties of 15% on imports of iron billets and 25% on steel rebar as of Monday, 15 April, the Egyptian finance ministry said.
The fees will be levied on all types of steel for a 180-day period, the ministry added in a statement on Monday.
Upon this decision, the ministry aims to raise production rate and local sales and support Egyptian producers, according to the statement.
The proceeds of the fees will be added in Export Development Fund’s account at the Central Bank of Egypt (CBE), the ministry highlighted.
This decision will boost Egyptian exports and offer youth further jobs, the ministry indicated.
The duties fees will be calculated based on the cost, insurance, and freight (CIF) of the imports delivered to the Egyptian ports, in accordance with the provisions of article (1/83) of the executive regulations of law No. 161 for 1998, stipulating a variable rate of fee starting the application period.