Egypt, Qatar sign agreement to avoid double taxation

CAIRO – 27 February 2023: Egypt and Qatar signed on Monday a governmental agreement to avoid double taxation and prevent tax evasion.

 

The agreement stipulates the regulations and conditions for imposing taxes, in order to avoid double taxation on immovable property, business revenues, global, maritime and air transportation, joint projects, stock revenues, interests, capital revenues, in addition to independent and non-independent personal services.

 

It was signed by Egyptian Finance Minister, Mohamed Maait and his Qatari counterpart, Ahmed el-Kawary in the presence of Egyptian Premier Mostafa Madbouli and his Qatari counterpart Sheikh Khalid bin Khalifa bin Abdulaziz Al-Thani.

 

According to Egyptian cabinet spokesperson, Nader Saad, the agreement comes in light of both countries’ desire to improve economic relations and cooperation in different fields, including taxes, to provide equal opportunities for investors and eliminate all potential challenges that might face them.

 

The agreement was signed during the PM’s first official visit to Doha, upon an invitation by his Qatari counterpart, to discuss future cooperation between the two countries. 

 

During the visit, Madbouli emphasized the long standing, well established bilateral relations between the two countries, adding that there are many investment opportunities in different domains that can be used to strengthen bilateral cooperation, such as green hydrogen production.

 

Moreover, he expressed Egypt’s interest in increasing Qatari investments in Egypt and the overall trade exchange between the two countries.

 

For his part, Sheikh Khalid bin Khalifa bin Abdulaziz Al-Thani, affirmed that Qatar is looking forward to strengthening ties with Egypt in the upcoming period, by increasing cooperation in different fields, adding that the Egyptian – Qatari business forum taking place in the second quarter of 2023, is a great chance to discover new cooperation opportunities between business communities in Egypt and Qatar.

 

Furthermore, a visit by a Qatari businessmen delegation to free zones in Egypt and the Suez Canal’s economic zone has been scheduled, to offer more insights on investment opportunities in Egypt.

 

Trade exchange between Egypt and Qatar hiked 76.2 percent to reach $80.1 million during the first 11 months of 2022, compared to $45.5 million during the same period in 2021, according to the state-statistic body.

 

Qatari investments in Egypt increased 2 percent to $518.3 million during the fiscal year 2021/2022, compared to $507.9 million during the fiscal year 2020/2021.