Egypt and Oman have signed an agreement that aims to prevent double taxation, which refers to income tax being levied twice on the same income, as well as a Memorandum of Understanding (MoU) to foster bilateral cooperation between the two countries, on Monday, 23 May.
The deals – overseen by Finance Minister Mohamed Maait and his Omani counterpart Sultan Bin Salem Al-Habsi – were finalized during the Egyptian-Omani Business Forum, held in Cairo as part of Sultan of Oman Haitham bin Tariq’s first visit to Cairo on Saturday, 20 May.
According to Oman’s Ambassador to Cairo Abdullah bin Nasser Al-Rahbi, the Sultan’s visit to Cairo will witness the signing of six MoUs between Oman and Egypt, including cooperation in the education, judiciary, transportation, aviation, and taxation fields.
The MoU on financial policies and investments will seek to strengthen the economic relations and trade cooperations between Egypt and Oman, in order to boost joint investments, Maait explained.
In a meeting in Cairo on Sunday, 21 May, Egyptian President Abdel-Fattah Al-Sisi and his counterpart, bin Tariq, stressed their keenness to continue enhancing the efforts between both governments with regard to the growth of trade between them.
Trade between Egypt and Oman reached EGP 30 billion (USD 1.08 billion at the time) in 2022, nearly a 66 percent increase compared to 2021, said Minister of Trade and Industry Ahmed Samir, who was also in attendance at the Egyptian-Omani Business Forum.
“We look forward to a strong push to the economic, commercial and investment relations in line with the aspirations of the two peoples,” Minister of Finance Mohamed Maait said during the forum.