CAIRO – 11 February 2024: Egypt and the United Arab Emirates (UAE) have inked a complementary protocol to mitigate double taxation and combat income tax evasion.
The protocol was signed today on the sidelines of the eighth Annual Arab Fiscal Forum, underscores the commitment of both nations to bolster opportunities across various sectors.
Egypt's Minister of Finance, Mohamed Maait, emphasized the significance of the agreement against the backdrop of global challenges, stressing the need for coordinated Arab efforts to address the negative impacts on supply and import chains.
Maait reiterated Egypt's dedication to facilitating investment and overcoming tax and customs barriers that may hinder UAE investors and companies operating in Egypt, with the aim of expanding their business activities and enhancing trade exchange between the two countries.
Highlighting the measures undertaken by the Egyptian government to stimulate production and export in diverse sectors, Maait urged the Emirati business community to leverage initiatives such as the Golden License, the State Ownership Policy Document, and the government's initial public offering program. Egypt is also prioritizing the automation of tax and customs systems, leveraging technologies like artificial intelligence to enhance their efficiency and attractiveness to both local and foreign investors.
This strategic approach aims to elevate the performance of tax and customs operations, ultimately contributing to the development and dynamism of the investment landscape.
In addition to the protocol signing, Minister Maait's participated in the World Government Summit in the UAE to deepen Egypt’s bilateral ties. Scheduled bilateral meetings during the summit are expected to further explore avenues for cooperation and exchange perspectives on shared priorities and interests.