Egypt’s finance ministry will fast-track the resolution of tax disputes out of court in a way that contributes to creating a suitable environment for business and encourages investors to expand their activities in the Egyptian market, Finance Minister Mohamed Maait told Omani Ambassador to Egypt Abdullah Al-Rahbi.
The minister made the comments in a meeting with Al-Rahbi on Monday at the finance ministry headquarters in Cairo.
The ministry recently settled a tax dispute involving Petro Gas Oman company.
During the meeting, Maait showcased his ministry’s efforts to upgrade tax and customs systems as part of the state’s digital transformation strategy. The ministry aims to integrate informal business activities into the formal economy and secure the collection of taxes and customs. Such integration would also provide a truer picture of the size of Egypt’s economy.
In a meeting in August with Egypt’s Minister of Trade and Industry Nevine Gamea, Al-Rahbi asserted his country’s willingness to make use of investment and economic opportunities in Egypt, as the Omani political leadership has instructed the government to foster economic cooperation with Arab countries, especially in development projects, food security, and infrastructure.
In a phone call that took place in July, Egypt’s President Abdel-Fattah El-Sisi and Sultan of Oman Haitham bin Tarik Al-Said agreed on enhancing economic and investment relations, including increasing trade exchange.