Muscat – The governments of the Sultanate of Oman and the Republic of Cyprus have today signed a significant agreement in Muscat aimed at avoiding double taxation and preventing financial evasion in relation to taxes on income.

The agreement was signed by His Excellency Nasser bin Khamis al Jashmi, Chairman of the Tax Authority on behalf of the Sultanate of Oman, and His Excellency Andreas Kakouris, Permanent Secretary of the Ministry of Foreign Affairs of Cyprus, on behalf of the Republic of Cyprus.

This agreement is designed to foster investment and strengthen the economic ties between the two nations. It also seeks to enhance Oman’s economic reputation, providing legal protection for investors from double taxation and regulating the process of tax collection.

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Nisha Joshi