Cairo – Mubasher: The Egyptian finance ministry has adjusted a number of articles of the Double Taxation Avoidance Agreement (DTAA) signed with the UAE in 1994, sources told Alborsa News.
The amendments included Article No.10 regarding earnings of stocks, Article No.11 on interest rates, and Article No.5 regarding the permanent establishment, in addition to capital profits, royalties, and the availability of tax services, the sources highlighted.
The double taxation prevention treaty is a part of a strategy to encourage foreign and Arab investment, in addition to boosting tax revenues, the sources added.
The ministry also modified its double taxation prevention agreements signed with Mauritius in 2012, the sources indicated.
They further noted that the ministry is expected to perform other amendments over more than 30 agreements following the preliminary signing of the multilateral pacts with the Organisation for Economic Co-operation and Development (OECD).
