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Oman and Belgium Sign Deal

MUSCAT — Oman and Belgium have signed an agreement to avoid double taxation and prevent income tax evasion.

The deal was inked here on Tuesday by National Economy Minister Ahmed bin Abdulnabi Macki and visiting Belgian Foreign Minister Karel De Ghcht.

The two sides also signed a deal for mutual encouragement and protection of investments. Macki said the first accord aimed at regularising the levy of tax on companies operating in the two countries.

“The agreement,” he added, “will create a conducive legal and legislative environment that enhances trade, investment and business relations between the Sultanate and the Kingdom of Belgium.”

Macki noted that it was the 29th such deal the Sultanate had signed so far with foreign countries, adding that more were in the pipeline.

The second agreement, which De Ghcht signed on behalf of the Belgium-Luxembourg Economic Union, underlined Oman’s investment friendly climate and would encourage Belgian businessmen to invest here by providing them with full protection against non-commercial risks in both countries, Macki said.