To strengthen economic cooperation, Iraq and Oman sign an agreement to avoid double taxation

INA-  Baghdad


The Ministry of Finance announced on Friday the signing of a joint agreement with the Sultanate of Oman to prevent double taxation and enhance economic cooperation.
 
“In an important step towards strengthening economic relations between Iraq and the Sultanate of Oman, the ministry said in a statement received by the Iraqi News Agency (INA), “In the Omani capital Muscat, the procedures for initialing the agreement to prevent double taxation between the two countries, which aims to remove tax obstacles to investors and promote trade exchange.
 
“The Iraqi delegation participating in the negotiations was headed by Mohammed Hamza Mustafa, Director General of the Legal Department / Director General of the General Authority for Taxation and Agency, and the delegation also included Breen Abdul Salam Qasim, Director General of the Iraqi Fund for Foreign Development, along with a number of financial and legal officials and experts.”
 
“The agreement aims to avoid double taxation on income and profits arising from economic and investment activities between the two countries, which contributes to providing an attractive environment for capital and enhancing joint financial and tax cooperation,” the ministry said, noting that ”this step is part of Iraq's strategy to develop its foreign economic relations and encourage joint investments in various sectors, especially in the fields of trade, energy and infrastructure.”
 
“The agreement will contribute to motivating Iraqi and Omani businessmen and companies to expand their investments and promote their projects in both countries, thereby promoting economic growth and achieving common interests,” it said.