ALBAWABA – Omani Sultan Haitham bin Tariq has issued a royal decree to ratify an agreement between the Omani government and Egypt, aimed at eliminating double taxation on income and preventing tax evasion and avoidance, as reported by the Omani News Agency.
Last May, Oman and Egypt reached an agreement along with a memorandum of understanding, focusing on the elimination of double taxation and fostering cooperation in policies and financial advancements.
This agreement was signed during Sultan Haitham's two-day visit to Egypt, during which he engaged in discussions with Egyptian President Abdel Fattah El-Sisi. The accord serves as a testament to the commitment of both countries in bolstering economic ties and addressing tax-related challenges.
Notably, the trade exchange between Egypt and Oman witnessed a remarkable surge of about 64.5% in 2022. The total value of trade reached an impressive $1.71 billion, surpassing the previous year's figure of $651 million. This substantial increase demonstrates the growing economic ties and strengthened trade relations between the two nations. The surge in trade is expected to have a positive impact on both economies and further enhance bilateral cooperation in various sectors.
