Egypt and Oman agree to eliminate “double taxation”

Egypt and Oman agree to eliminate “double taxation”
Egypt and Oman agree to eliminate “double taxation”

Who discussed the agreement?

Finance Ministers of Oman and Egypt.

When is the agreement implemented?

It will be signed in May.

The Omani Minister of Finance, Sultan bin Salem Al Habsi, and his Egyptian counterpart, Muhammad Muait, agreed to sign an agreement to remove and prevent double taxation between their two countries.

According to the Egyptian newspaper, Al-Masry Al-Youm, today, Saturday, it came during a meeting between the two groups, Jama Al-Habsi and Maait, on the sidelines of their participation in the annual meetings of the Islamic Development Bank Group in Saudi Arabia.

The two sides agreed to sign an agreement to remove and prevent double taxation, during the month of May, in the capital, Cairo. In a way that contributes to strengthening economic relations and tax cooperation between the two countries, in light of the bilateral keenness to make optimal use of the available development opportunities and the development of joint investments.

The two sides also agreed on the need to deepen bilateral cooperation in financial policies and social protection, in order to achieve economic and development goals and limit the repercussions of external economic shocks, especially on the most needy groups in light of the international economic crisis in the global economy.

Mohamed Maait, Egyptian Minister of Finance, affirmed, “There are strong directives to encourage Omani investment in Egypt at the current stage, and we have very promising investment opportunities, especially with the strong and developed infrastructure in which Egypt has invested heavily over the past six years.”

Maait also called on Omani investors and companies wishing to expand their investments in Egypt to “benefit from the measures taken by the Egyptian government that stimulate production and export in various fields, including the golden license, the state ownership policy document, and government proposals.”

Egypt and Oman enjoy good historical relations that extend back to many decades, and the bilateral relations between the two countries witnessed a great deal of mutual understanding and cooperation.

The Sultan of Oman, Haitham bin Tariq, and the Egyptian President, Abdel Fattah Al-Sisi, directed the study of establishing a joint investment fund between the two countries. This was during a visit conducted by Sisi to Muscat last June.

The two leaders also affirmed, according to the statement, their intention to raise the pace of economic cooperation between their countries, praising the close cooperation and permanent coordination achieved in the political, diplomatic, economic and cultural fields.

On the sidelines of Sisi’s visit, the government of the Sultanate of Oman and its Egyptian counterpart signed a number of agreements and memorandums of understanding related to enhancing cooperation in the areas of enhancing competition, anti-monopoly, investment promotion, and others.