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JLCC
- March 14, 2024
We are keen to enhance economic and investment cooperation opportunities in light of the growing bilateral relations between the two brotherly countries
Dr. Mohamed Maait, Minister of Finance, confirmed that the supplementary agreement for the Protocol to Avoid Double Taxation and Prevent Evasion of Income Tax, which was signed with the Emirati side on the sidelines of its participation in the Eighth Public Finance Forum in the Arab Countries, in Dubai, comes within the framework of the updates that it is keen to make. The two brotherly countries; In order to enhance opportunities for joint investment cooperation in line with the growth of bilateral relations in various fields, especially economic ones, in light of the global challenges imposed by the necessity of coordinating Arab efforts in order to have a greater ability to deal flexibly with the negative repercussions and extended disturbances in supply chains, in a manner It requires stimulating investment, deepening the role of the private sector in the development path, increasing its contributions to economic activity, as well as enhancing productive capabilities.
The Minister said, “We are keen to provide all facilities and overcome any tax or customs obstacles that Emirati investors and companies may face in Egypt, in a way that contributes to expanding their business base and investment and production activities, and increasing trade exchange between the two countries,” calling on the Emirati business community to benefit from the measures taken by it. The Egyptian government stimulates production and export in various fields, including the “Golden License,” the “State Ownership Policy Document,” and “Government Proposals.”
The Minister added that we are continuing to automate the tax and customs systems and benefit from modern electronic systems and artificial intelligence to raise the level of tax and customs performance, which helps make these systems more developed, motivating and attractive to local and foreign investment.
Dr. Muhammad Maait, Minister of Finance, signed this agreement with Muhammad bin Hadi Al Husseini, Minister of State for Financial Affairs.