CAIRO: Egypt and Saudi Arabia are set to sign two agreements, one for customs cooperation to ease and facilitate trade, and the other to prevent double taxation, which is expected to boost Saudi Arabian investment in the Egyptian market, Mubasher reported Sunday.
Double taxation occurs when customs authorities impose two sets of similar taxes on the same product, or impose taxes on a person who traveled to workin another state and already paid taxes to their national tax authority.
Mohammed Salhawy, head of the Egyptian Customs Authority said the two agreements were discussed during a joint conference, Mubasher reported.
With the agreement, all means of transportation between the two countries will also be exempt from taxes, he added.
In the same realm of Egypt-Saudi Arabia cooperation, the Saudi Arabian parliament has approved this month an agreement regarding power linkage between Egypt and Saudi Arabia, Al-Masry Al-Youm reported.
Saudi Arabia and the United Arab Emirates have provided aid to Egypt following the ouster of Muslim Brotherhood President Mohammed Morsi to help Egypt through the critical period following the events of June 30, Al Quds newspaper reported.