Minister of Finance of Egypt and the Ambassador of Kazakhstan discussed preparations for the signing of the intergovernmental Convention on Avoidance of Double Taxation
During the meeting, the parties discussed the further development of cooperation between the two countries in the financial sector and the prospects for Kazakh-Egyptian cooperation within the framework of the Astana International Financial Centre.
Ambassador Kairat Lama Sharif held a meeting with Egyptian Finance Minister Dr. Mohammed Ahmed Maito, during which the prospects for cooperation between the two countries in the financial sector were discussed. Particular attention was paid to the issue of preparing the signing of the Kazakh-Egyptian intergovernmental Convention on Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income. The Convention will prevent double taxation between Kazakhstan and Egypt, as well as strengthen cooperation between the tax services of both states by sharing information on all types of taxes.
Ambassador Kairat Lama Sharif informed the member of the Egyptian Government in detail about the current situation in Kazakhstan, ongoing and planned major political and socio-economic reforms according to the course of the President Kassym-Jomart Tokayev to build a “New Kazakhstan”. At the same time, noted that in accordance with the instructions of the Head of State in Kazakhstan, prompt and systematic measures to improve the customs administration, elaborated specific mechanisms for the return of capital from abroad and to counter the outflow of funds from the country.
The prospects for Kazakh-Egyptian cooperation within the framework of the Astana International Financial Center (AIFC) were noted. In this context, the Kazakh diplomat informed his interlocutor that two major Egyptian companies are registered in AIFC: “Arab Tourism Limited” and “The Arab Council for Education Services Worldwide Ltd.”, which is further evidence of the favorable climate for business in Kazakhstan.
The ARE Finance Minister welcomed the reforms led by Kassym-Jomart Tokayev, outlined in the message to the people of Kazakhstan on March 16, and also confirmed his willingness to continue to develop cooperation with Kazakhstan, including improving the bilateral legal framework, increasing financial and investment activity of the two countries.