Rédaction Africa Links 24 with MENA
Published on 2024-02-12 10:57:31
Finance Minister Mohamed Maait emphasized on Sunday that the complementary protocol signed with the UAE to avoid double taxation and prevent income tax evasion is intended to enhance opportunities for investment cooperation in all sectors. The protocol was signed in Dubai as part of the eighth Annual Arab Fiscal Forum amidst global challenges that call for coordinated Arab efforts to address the adverse effects on supply and import chains, according to the minister.
Maait stated that this should be achieved by promoting investment and bolstering the private sector’s contribution to the development process and economic activities. He also underscored the government’s commitment to providing all necessary facilitations and overcoming any tax or customs obstacles that UAE investors and companies may encounter in Egypt. This is aimed at expanding their business operations, investment, production activities, and boosting trade exchange between the two countries.
The minister urged the UAE business community to make use of these measures to enhance production and exports across various sectors. He also highlighted the “Golden License” and the “State Ownership Policy Document” as opportunities for investors to take advantage of. Additionally, Maait mentioned the ongoing efforts to automate tax and customs systems, leveraging advanced electronic systems and artificial intelligence.
The signing of the protocol reflects a commitment from both Egypt and the UAE to strengthen their economic ties and create a conducive environment for investment. By working together to prevent double taxation and tackle income tax evasion, both countries aim to foster a robust investment ecosystem that encourages entrepreneurship and business growth.
Maait’s comments at the eighth Annual Arab Fiscal Forum underscore the significance of regional collaboration in addressing global challenges and fostering economic stability. By facilitating investment and trade, Egypt and the UAE are seeking to mitigate the impact of external disruptions on their economies, while also creating opportunities for long-term growth and development.
In conclusion, the signing of the complementary protocol between Egypt and the UAE represents a significant step towards enhancing investment cooperation and creating a favorable environment for businesses in both countries. Through measures aimed at preventing double taxation and promoting economic development, both nations are working towards strengthening their economic partnership and fostering a conducive environment for investment and trade.
Read Original article on Egypt Independent
