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No more dual taxation with Bahrain, Kuwait, and Egypt:The Finance Ministry signed agreements yesterday at the World Governments Summit with three Arab countries to eliminate dual taxation, with an eye to crack down on tax evasion.
#1- Bahrain: The two countries will prevent double taxation on income tax, after signing their first tax treaty, according to a ministry statement. The ministry and the Kingdom of Bahrain also signed an agreement to promote and “protect” investments, according to the statement.
#2- Kuwait: The ministry signed an agreement with Kuwait yesterday to eliminate double taxation on income and capital taxes, according to a statement.
#3- Egypt: TheFinance Ministry signed a supplementary agreement with Egypt’s Finance Ministry yesterday to prevent double taxation between the two countries, according to the Egyptian ministry’s readout. The original agreement was signed in November 2019 and ratified by Egypt’s President Abdel Fattah El Sisi in June 2021.
Aiming to attract Emirati investors and facilitate all business procedures, including tax and customs obstacles, Egypt signed the agreement to reel in more Emirati investments and businesses in Egypt, Egyptian Finance Minister Mohamed Maait told Wam.
Egypt also explores bond issuances in GCC: As part of its efforts to diversify its economy and financing instruments, Egypt is currently studying issuing bonds in the GCC’s stock markets to “expand the base and segments of international investors,” Maait said, nodding to Egypt’s efforts with the Emirates to further cooperation and explore potential joint projects between the two countries.
