Egypt and Croatia Sign Double Taxation Avoidance Agreement 2023 To Stimulate Trade and Enhance Investment
Double Taxation…..What Is It?
Double taxation is the imposition of the same tax more than once on the same taxpayer and on the same tax base during the same period. It is not limited to the taxpayer paying the tax twice only, but it may mean paying the same tax more than once, whether it is paid twice or more. It negatively affects international trade and economic growth.
About the Double Taxation Avoidance Agreement
Mohamed Maait, Egypt’s Finance Minister and Governor at the Asian Infrastructure Investment Bank (AIIB), signed double taxation avoidance agreement with his Croatian counterpart Marko Primorac to stimulate trade and enhance investment between the two countries. It is worth noting that Egypt has previously signed a double taxation avoidance agreement with Qatar and Oman.
Let’s not forget to mention that this agreement was signed during their participation in the AIIB’s 8th annual meeting that took place in Sharm El-Sheikh on Sep. 25-26, 2023. This annual meeting has many objectives, including:
The Minister’s Statement during Signing this Agreement
Mr. Mohamed Maait stated that the double taxation agreement signed between Egypt & Croatia reflects the commitment of both countries to enhance economic, trade, and investment relations while safeguarding tax rights, noting that there are proposals to make Croatia a gateway for Egyptian exports to European markets.
He added that Egypt looks forward to increasing Croatian investments in Egypt and leveraging the available development opportunities. It also invites Croatian investors and companies interested in expanding their investments in Egypt to take advantage of the stimulating measures taken by the Egyptian government in various fields, including the Golden License, state ownership policy documents, and government offerings.
He also noted that Egyptian Tax Authority (ETA) continues automating the tax services and harnessing modern electronic systems and artificial intelligence to improve tax performance. This will make the tax system more advanced, attractive, and conducive to local and foreign investment.
It is worth noting that the AIIB’s 8th annual meeting, that took place in Sharm El-Sheikh on Sep. 25-26, 2023, was very fruitful and effective. Many valuable agreements have been signed with other countries, including the signing of a double taxation avoidance agreement between Egypt and Croatia to stimulate trade and enhance investment between the two countries. For more information about this agreement, click here or here.
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