Mohamed Maait, the Minister of Finance, signed the supplementary agreement for the Protocol to Avoid Double Taxation and Prevent Income Tax Evasion with Muhammad bin Hadi Al Husseini, the UAE’s Minister of State for Financial Affairs.
The signing took place on the sidelines of the 8th Arab Fiscal Forum in Dubai, where the Minister of Finance participated.
Maait said that the agreement is part of the updates that the two countries are implementing to boost joint investment cooperation, as their bilateral ties grow in various fields amid the current global challenges.
He also emphasized the Egyptian government’s commitment to provide all the necessary facilities and overcome any tax or customs hurdles that Emirati investors and companies may encounter in Egypt. The main goal is to increase their business and investment activities, as well as trade exchange between the two countries.
Maait invited the Emirati business community to take advantage of the measures recently taken to facilitate Emirati investments in Egypt, as the Egyptian government tries to stimulate production and export in various fields, such as the golden license, the state ownership policy document, and government proposals.
He added that Egypt is automating the tax and customs systems and using artificial intelligence to improve tax and customs performance, which makes these systems more advanced, stimulating and attractive to local and foreign investment.