The Egyptian cabinet approved during its weekly meeting on Wednesday reaching an agreement between Egypt and Qatar on eliminating double taxation on income taxes for tax evasion avoidance. It outlines the specific taxes that will be applied in Egypt, including personal income tax, corporate income tax, withholding tax, and other taxes. The agreement also applies to the Qatari tax related to income tax and corporate tax.
The agreement applies to individuals, collective investments, and earning income in either country and also covers taxes on total income or any income type, including taxes on profits from the disposal of movable or immovable property, taxes on total wages and salaries, and other taxes. It also entails provisions for the disclosure of substantive amendments made to their tax laws.
Egypt and Qatar already reached the double tax elimination agreement during Prime Minister Mostafa Madbouly’s visit to Doha in February 2023. This step strengthens Egypt’s economic relations with the Gulf state and increases Qatari investments in Egypt.
The value of trade exchange between Egypt and Qatar surged to $ 80.1 million in the first 11 months of 2022, compared to $ 45.5 million in 2021 – a 76.2 percent increase, according to a CAPMAS report in February.
Qatar is the third biggest Arab State investor in Egypt. There are currently 160 Qatari companies in Egypt that have injected investments worth nearly $ 2 billion into the country, according to a previous statement by Cabinet Spokesperson Nader Saad.
