On 22 May 2023, Oman and Egypt signed a DTAA, which remarks a major step in boosting the commercial and trade ties between the two nations.
- Signing the DTAA by both states is the first step of the initiation of the DTAA. If the additional procedural requirements are completed by 31 December 2023, the DTAA would become effective from 1 January 2024 or otherwise it is expected to be effective from 1 January 2025 (if the procedural requirements are completed within 2024).
- The DTAA is expected to facilitate further cross-border trade and investment between the two countries. We also believe that the DTAA may offer great potential reduction or exemption from tax with respect to cross-payments between Oman and Egypt.