The new customs tax will protect and encourage domestic industries and the production of local goods, What is a customs tariff? read more



The New Customs Tariff Explained & the Economy  | Faydety

On Tuesday 7th June the Egyptian Parliament under the leadership of Dr. Hanafy Gebaly ratified President Abdel Fattah el Sisi’s decree to issue a new customs tariff.&nbsp;&nbsp;Find more about the Egyptian economy:&nbsp;<a href="https://www.faydety.com/learn/%D8%B9%D8%A7%D9%84%D9%85-%D8%A7%D9%84%D9%85%D8%A7%D9%84-1/%D9%85%D8%A7-%D9%87%D9%8A-%D9%85%D9%88%D8%A7%D8%B1%D8%AF-%D9%85%D8%B5%D8%B1-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%25">Tourism: One of Egypt’s Most Important Economic Resources</a>&nbsp;<h2>What is a customs tariff?</h2>&nbsp;They are taxes imposed on imported goods and serve as a protective shield for existing local industries. The tax also supports emerging industries and entrepreneurial projects and encourages local products to compete with international goods.&nbsp;&nbsp;Also read: What&nbsp;<a href="https://www.faydety.com/learn/%D8%B9%D8%A7%D9%84%D9%85-%D8%A7%D9%84%D9%85%D8%A7%D9%84-1/%D8%A7%D9%8A%D9%87-%D8%A7%D9%84%D9%84%D9%8A-%D9%85%D9%85%D9%83%D9%86-%D9%8A%D8%A3%D8%AB%D8%B1-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D8%A7">Can Affect the Global Economy in the Future</a>&nbsp;<h2>Why did Parliament ratify the customs tariff?&nbsp;</h2>&nbsp;<ul style="list-style-type:disc;"><li>The customs tariff will deal with local and international economic fluctuations.&nbsp;</li><li>It will have a major role in achieving the goals of development projects.&nbsp;</li><li>It will improve the investment sector in Egypt.</li><li>It will support the Egyptian economy as it faces problems&nbsp;</li><li>Protect local industries.&nbsp;</li><li>Expand local industrial productivity.&nbsp;</li></ul>&nbsp;You may have questions about the economy which is why Faydety did its research and answered them in articles such as&nbsp;<a href="https://www.faydety.com/learn/%D9%82%D8%A7%D9%85%D9%88%D8%B3-%D8%A7%D9%84%D9%81%D9%84%D9%88%D8%B3-3/%D9%84%D9%8A%D9%87-%D8%A7%D9%84%D8%AF%D9%88%D9%84-%D9%85%D8%A7%D8%AA%D8%B7%D8%A8%D8%B9%D8%B4-%D9%81%D9%84%D9%88%D8%B3-%D9%83%D8%AA%D9%8A%D8%B1-%D9%88%D8%AA%25">Why don’t countries print more money &amp; solve economic crisis</a>&nbsp;<h2>How will the 2022 customs tariff work?</h2>&nbsp;If the percentage of local manufacturing in a product is from 10-20% the tax reduction will be 105% of the local manufacturing percentage.&nbsp;&nbsp;If the percentage of local manufacturing in a product is from 20-30% the tax reduction will be 110% of the local manufacturing percentage.&nbsp;If the percentage of local manufacturing in a product is from 30-40% the tax reduction will be 115% of the local manufacturing percentage.&nbsp;If the percentage of local manufacturing in a product is from 40-60% the tax reduction will be 120% of the local manufacturing percentage.&nbsp;If the percentage of local manufacturing in a product is more than 60% the tax reduction will be 130% with an upper ceiling of 90% of the tax on the domestic product.&nbsp;

Customs tariffs deal with economic changes on both the international and local levels

The New Customs Tariff Explained & the Economy 

Insurance is a contract, in the form of a policy, in which an individual or entity receives financial protection and/or compensation against losses from an insurance company. Insuring something means diverting the burden of payment for its loss from a personal responsibility to one that the insurance company bears on your behalf, in a certain percentage, depending on the type of insurance you have.&nbsp;&nbsp;The insurance company relies on calculating the probability of a loss or damage to an insured asset. If there is a high probability, then the insurance cost tends to be expensive; on the other hand, if the probability is low, the insurance cost tends to be relatively cheaper.&nbsp;Let's start with the basics.&nbsp;<h2>Insurance Policy:</h2>&nbsp;As stated briefly above, an insurance policy is a contract between you and an insurance company. This policy outlines your agreement's details and determines the claims that the insurer is legally required to pay in exchange for a premium. It essentially states that the insurer must pay for any loss or damage caused by risks covered under the policy.&nbsp;<h2>Insurance Premium:</h2>&nbsp;An insurance premium is a certain amount of money that you need to pay periodically in exchange for the maintenance of your chosen insurance policy. If you are unable to pay the premium, the insurance policy will be forfeited. If this happens and you decide you would like to keep your coverage, you may be required to pay a fine or charge a higher premium accordingly.&nbsp;<blockquote>The insurance company relies on calculating the probability of a loss or damage to an insured asset</blockquote>&nbsp;<h2>Types of Insurance:</h2>&nbsp;There are many different types of insurance. Though it is possible to divide them into two basic categories, under which the other types of insurance fall, the two categories are:&nbsp;<h2>Life Insurance / Health Insurance</h2>&nbsp;Life insurance is a contract between you and an insurance company where, in exchange for premium payments paid by you during your lifetime, the company will pay a sum of money to your beneficiaries after your death.&nbsp;&nbsp;Health insurance covers medical expenses that may arise due to illness. These expenses could entail costs of hospitalization, cost of medicines, or medical consultation fees.&nbsp;These insurance types are primarily based on individuals, although some countries go one step further and provide pet insurance. This is because, at times, the cost of medicines and veterinarian visits are higher than the costs of individuals.&nbsp;<h2>Property Insurance / Disaster Insurance</h2>&nbsp;This type of insurance reimburses an individual or business and protects a physical property against loss from theft, fire, natural disasters, etc. Property insurance covers the building or structure itself as well as its contents, whether personal or corporate, including furnishings, inventory, and other items.&nbsp;Get your <a href="https://www.faydetyinsurance.com/en">Insurance Policy</a> Now through Faydety!

What do you know about the Insurance system in Egypt? and what's its Policies, Premium, and kinds? All you need to know about insurance

The New Customs Tariff Explained & the Economy

Customs tariffs deal with economic changes on both the international and local levels

What is a customs tariff?

Why did Parliament ratify the customs tariff?

How will the 2022 customs tariff work?

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