n Egypt Govt sharply increases customs duties as it seeks to curb imports

It said that the new tariffs mostly amounted to about 50 percent increases on previous levels and would raise customs revenues by 6bn Egyptian pounds.

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The headquarters of the Ministry of Finance is pictured in Cairo, Egypt August 4, 2016. REUTERS/Amr Abdallah Dalsh play The headquarters of the Ministry of Finance is pictured in Cairo, Egypt August 4, 2016. REUTERS/Amr Abdallah Dalsh
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Egypt has sharply raised customs duties on 320 goods deemed non-essential in an effort to curb imports and encourage domestic production, the finance ministry said on Sunday.

It said that the new tariffs mostly amounted to about 50 percent increases on previous levels and would raise customs revenues by 6 billion Egyptian pounds ($339 million) a year, assuming imports remain at current volumes.

A list of new tariffs shows significant increases on imports of various fruits, deodorant and cosmetics as well as a wide range of consumer goods including carpets, fans and microwave ovens.

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