Egypt, UAE sign complementary protocol to avoid double taxation

Finance Minister Mohamed Maait said Sunday that a complementary protocol signed with the UAE to avoid double taxation and prevent income tax evasion is meant to boost opportunities of investment cooperation in all fields.

The protocol was inked in Dubai today on the sidelines of the eighth Annual Arab Fiscal Forum. It comes amid global challenges that entail coordinated Arab efforts to handle the negative repercussions for supply and import chains, the minister said.

This should be done through encouraging investment and deepening the private sector’s contribution to the course of development and economic activities, he added.

“We are keen on providing all facilitation and easing any tax or customs obstacles that might face the UAE investors and companies in Egypt in a way that would contribute to expanding the base of their businesses and investment and production activities, and increase trade exchange between the two countries,” Maait said.

He called on the UAE business community to benefit from such measures to promote production and exports in all fields. The minister cited the “Golden License” and the “State Ownership Policy Document”.

He touched upon non-stop efforts to automate the tax and customs systems, benefiting from advanced electronic systems and artificial intelligence.

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