Finance: The signing of an agreement to remove and prevent double taxation between Egypt and the Sultanate of Oman during the current month

Posted on: Friday, May 12, 2023 – 7:54 PM | Last update: Friday, May 12, 2023 – 7:54 PM

Muhammad Muait, Minister of Finance, held a bilateral meeting with his counterpart in the Sultanate of Oman, Sultan bin Salem Al Habsi, on the sidelines of their participation in the annual meetings of the Islamic Development Bank Group in the Kingdom of Saudi Arabia, under the title: “Establishing partnerships to prevent crises,” according to a statement by the Ministry of Finance today.

The two sides agreed to sign an agreement to remove and prevent double taxation, this month in 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 this international economic crisis in the global economy, in the wake of the compound repercussions of the Corona pandemic and then the war in Europe.

Mohamed Maait, Minister of Finance, confirmed that we are working to contain the repercussions of global economic challenges, and we focus on opening new horizons for local and foreign investments, which helps in maximizing the country’s productive and export capabilities, and 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 advanced infrastructure in which Egypt has invested heavily over the past six years.

He 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”.

The minister added that the Egyptian government’s move to operate from the administrative capital attracts more investors in real estate activity, pointing to the improvement in the revenues of the Suez Canal, tourism, and the growth of exports during the first half of the current fiscal year.