The Egyptian cabinet s weekly meeting in Cairo on Wednesday led by Prime Minister Mostafa Madbouly. Phoot : Egyptian Cabinet.
The agreement applies to individuals and collective investment vehicles earning income in either country, and covers taxes on total income or any element of income.
These include taxes on profits from the disposal of movable or immovable property, taxes on total wages and salaries, and other taxes.
The agreement also includes provisions for notifying each country of substantive amendments made to their tax laws.
It outlines the specific taxes that will be applied in Egypt, including personal income tax, corporate income tax, withholding tax, and other taxes.
In Qatar, the agreement applies to income tax and corporate tax (also known as Qatari tax).
Egypt and Qatar originally signed the double tax elimination agreement during Prime Minister Mostafa Madbouly’s visit to Doha in February 2023.
The agreement aims to boost economic relations with the Gulf state. It is also considered a step to help increase the size of Qatari investments in Egypt.
The Central Agency for Public Mobilisation and Statistics (CAPMAS) stated in February that the value of trade exchange between Egypt and Qatar increased to $ 80.1 million in the first 11 months of 2022, compared to $ 45.5 million in 2021 – a 76.2 percent increase.
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.