Egypt and Croatia Sign Agreement to Prevent Double Taxation

Egypt and Croatia have signed a double taxation agreement during the annual meetings of the Asian Infrastructure Investment Bank taking place in Sharm El-Sheikh. The agreement which was proposed by Mohamed Maait, Egypt's Finance Minister and governor of the Asian Infrastructure Investment Bank, is said to reflect the determination of both countries to boost economic, trade, and investment ties while protecting tax rights. Maait revealed discussions were held to determine whether Croatia could serve as the gateway for Egyptian exports into European markets. Maait encouraged greater Croatian investment in Egypt by inviting Croatian investors and companies to take advantage of the stimulating measures put in place by the Egyptian government in various fields. These include the Golden License, state ownership policy documents, and government offerings. The Finance Minister revealed measures were underway to modernize the tax system and infuse modern electronic systems and artificial intelligence to improve tax performance. A more attractive and conducive tax system for local and foreign investment is expected to result from these measures. Trade between Egypt and Croatia doubled to nearly half a billion dollars, thanks to Egyptian gas and ammonia exports in 2022, said Egyptian Minister of Foreign Affairs, Sameh Shoukry. Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) showed a 90.8 percent increase in trade between Egypt and Croatia reaching $203.9 million during the first 10 months of 2022.