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In a move poised to reshape bilateral economic relations and enhance investor confidence, the Sultanate of Oman and the Republic of Cyprus have signed an agreement to eliminate double taxation and curb fiscal evasion. The signing ceremony occurred in Muscat, underscoring a mutual commitment to fostering cross-border investment and regulatory clarity.
His Excellency Nasser bin Khamis Al Jashmi, Chairman of the Omani Tax Authority, represented Oman, while H.E. Andreas Kakouris, Permanent Secretary at the Ministry of Foreign Affairs, represented Cyprus.
The treaty, formally titled the Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion Concerning Taxes on Income, reflects both countries’ strategic push to enhance economic openness, tax cooperation, and international reputation
According to officials familiar with the terms, the agreement ensures that income is taxed only once in Oman or Cyprus, reducing the risk of conflicting tax obligations for multinational enterprises and individual investors. It also outlines precise mechanisms for dispute resolution and exchange of information, aligning with international tax transparency standards promoted by the OECD.
“This agreement sends a strong signal to global investors that Oman and Cyprus are serious about tax certainty and fairness,” noted a senior Middle East tax consultant. “It also levels the playing field for businesses expanding across borders.”
Legal analysts say the treaty is expected to create a ripple effect, particularly in sectors like energy, logistics, real estate, and services, where both countries have significant outbound and inbound investments.
Beyond technical benefits, the agreement is part of Oman’s broader strategy to diversify its economy and improve its standing in global ease-of-doing-business rankings. For its part, Cyprus continues to deepen its economic ties beyond the EU, positioning itself as a financial gateway between Europe and the Gulf.
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