Egypt and Qatar sign deal to avoid double taxation

QNA

Egypt and Qatar have signed an agreement to avoid double taxation and stop tax evasion, according to a local newspaper.

The agreement specifies the regulations and conditions for imposing taxes to avoid double taxation on immovable property, business revenues, global, maritime and air transportation, joint projects, and stock revenues, Egypt Today reported.

Egyptian cabinet spokesperson Nader Saad said the agreement comes in light of both countries’ intent to improve economic relations and cooperation in different fields, including taxes.

The agreement was signed during Egyptian Prime Minister Mostafa Madbouli’s official visit to Doha.

Madbouli said multiple investment opportunities in different domains can be used to strengthen bilateral cooperation, such as green hydrogen production.

He called for increased Qatari investments in Egypt and higher overall trade exchange between the two countries, the newspaper reported.

Prime Minister Sheikh Khalid bin Khalifa bin Abdulaziz Al-Thani confirmed that Qatar is looking forward to bolstering ties with Egypt in the upcoming period by improving cooperation in different fields.

He added that the Egyptian–Qatari business forum, which will be held in the second quarter of 2023, will be an excellent opportunity to discover new cooperation possibilities between business communities.

Trade exchange between Egypt and Qatar grew 76.2 percent to $80.1 million in the first 11 months of 2022, compared to $45.5 million in the same period in 2021, the report said.

On the other hand, Qatari investments in Egypt rose two percent to $518.3 million during the fiscal year 2021/2022, compared to $507.9 million a year earlier.