Agreement to Prevent Double Taxation Signed Between Iraq and Oman
On Friday in Muscat, Oman, officials initiated the signing process for the agreement aimed at preventing double taxation with Iraq. This agreement endeavors to eliminate tax barriers for investors and bolster trade exchanges between the two nations. The Iraqi Ministry of Finance has characterized this development as a significant move toward enhancing economic relations between Iraq and Oman.
The primary objective of the agreement is to prevent the imposition of dual taxes on income and profits derived from economic and investment activities in both countries. Such provisions are anticipated to foster an attractive investment climate and facilitate greater financial and civil cooperation.
Strategic Economic Development
This agreement aligns with Iraq’s broader strategy to enhance its external economic relations and promote joint investments across various sectors. Key areas of focus include trade, energy, and infrastructure development, as indicated in the official statement from the ministry.
According to the ministry, the agreement is expected to encourage Iraqi entrepreneurs and Omani firms to broaden their investment activities, thereby reinforcing projects in both countries. This initiative aims to stimulate economic growth and achieve shared interests.
Next Steps
The Iraqi Ministry of Finance has also noted that the completion of the necessary legal and legislative processes for the agreement’s final approval by the respective authorities in both countries is anticipated in the near future. This progression is crucial for the realization of the agreement’s objectives and for fostering a favorable business environment.
This structured approach underscores the significance of this agreement and its potential impact on enhancing economic ties between Iraq and Oman, positioning both nations for future collaborative ventures.
