Oman, Iraq sign initial agreement to prevent double taxation

Shafaq News/ On Friday, Muscat hosted the initial signing of an agreement between Oman and Iraq to eliminate double taxation, remove tax barriers for investors, and boost trade exchange between the two nations.

The Iraqi Ministry of Finance described the agreement as "a crucial step toward strengthening economic ties," emphasizing that it seeks to prevent double taxation on income and profits generated from economic and investment activities.

"This will help create an attractive environment for capital and enhance mutual financial and tax cooperation," the ministry stated.

The ministry highlighted that the agreement will incentivize Iraqi and Omani businesses to expand their investments, fostering economic growth and mutual benefits, with the legal and legislative procedures required for its final ratification by the relevant authorities in both countries expected to be completed soon.