Signing an agreement to prevent double taxation and a memorandum of understanding for cooperation in financial policies and developments between Egypt and the Sultanate of Oman

Numerous opportunities for cooperation and integration in renewable energy, advanced industries, food security, transportation and urbanization There is no alternative to Arab integration in order to help ourselves.. and have a greater ability to absorb sharp international fluctuations

We are working in Egypt to raise the rates of self-sufficiency in basic commodities and production requirements

Stimulating investors and opening more areas for the private sector to lead growth in the coming period 160 billion pounds credit facilities for agricultural and industrial production and tourism For the industrial sector for a period of 3 years

A deduction ranging from 30 to 50% of investment spending for new projects from the taxable base by law Investment to encourage some investment activities and areas

Dr. Muhammad Muait, Minister of Finance, and his counterpart in the Sultanate of Oman, Sultan bin Salem Al Habsi, signed An agreement to prevent double taxation or tax evasion between the two countries, and a memorandum of understanding for bilateral cooperation in financial policies and developments to achieve goals and reduce the repercussions of external shocks on groups and activities most affected by successive global crises, in a way that contributes to strengthening economic relations and tax cooperation in order to optimally exploit the available development opportunities. , and the development of joint investments. Egyptian-Omani, we are looking forward to a strong boost to economic, trade and investment relations to a level that is commensurate with the aspirations of the two peoples; To maximize common interests, multiply Omani investments in Egypt, and benefit from the most stimulating opportunities for the local and foreign business community; In line with the increase in the volume of trade exchange by 80.8% during the year 2022, compared to 2021, which practically confirms that we can achieve a lot in the fields of joint cooperation, especially with the convergence of visions towards the future, through “Egypt 2030” and “Oman 2040”. Both of them focus on the importance of human development, and building a new, developed society that uses the latest technologies in the fields of renewable energy, advanced industries, food security, transportation, urbanization, and others. Hence, the opportunities for cooperation and integration between us are numerous and wide.
The minister added that the signing of the agreement to prevent double taxation and the memorandum of understanding for cooperation in the areas of policies and financial developments, is in addition to the many agreements that will be signed in the areas of Many complement each other during the current visit of His Majesty Sultan Haitham bin Tariq Al Said, Sultan of Oman, in addition to the two agreements and memorandums of cooperation that were signed during the visit of President Abdel Fattah El-Sisi to the Sultanate of Oman last June in the areas of enhancing competition, combating monopolistic practices, investment promotion, export development and maritime transport. Ports, youth, sports, culture, work, training, higher education, scientific research, innovation, academic field, establishment and management of industrial zones, environmental protection, mutual recognition of marine qualification certificates for navigators, in addition to scientific cooperation; which represents a contractual framework and a solid base to encourage joint cooperation.20230522
The Minister indicated that The first lesson learned from the global crisis that afflicted us all is the need to intensify Arab cooperation and integration in order to help ourselves, and have a greater ability to absorb sharp international fluctuations, explaining that we are working in Egypt to raise self-sufficiency rates in basic commodities and production requirements, which requires stimulation investors and opening more areas for the private sector to raise its contribution to the gross domestic product, to enable it to lead growth in the coming period, as reflected in the launch of the state ownership policy document, the government offerings program, and the golden license, in addition to initiatives to support local production and export, as it bears The state treasury is 12 billion pounds, the interest rate difference is to provide 160 billion pounds as credit facilities for agricultural and industrial production and tourism. It also bears 6 billion pounds to subsidize electricity for the industrial sector. The treasury also bears the real estate tax for the industrial sector for a period of 3 years at a cost of 5 billion pounds, and there is a deduction ranging from 30 To 50% of investment spending for new projects from the taxable base to encourage investment in some investment activities and areas in accordance with the Investment Law.