Oman, Bulgaria plan to sign key taxation treaty

Muscat: Oman and Bulgaria expect to sign a double taxation avoidance treaty in September this year, as both countries are in negotiations to finalise the treaty, said Antoaneta Petrova of Bulexpo AA & Co.

She noted that once the agreement is in place, Bulgarian companies operating in Oman will need to pay taxes in only one country, unlike the current practice of paying in two countries.

This will encourage investments between the two countries, Petrova added, while addressing a media briefing to announce plans for the upcoming Euro-Asian Integration Exhibition.

Techno-Plast’s JV project
Further, she said Bulgarian plastic container producer Techno-Plast is planning to set up a manufacturing base in Oman with local partners. Techno-Plast’s joint venture project is likely to come up in Muscat and the work will be completed before year-end.

The plastic containers are mainly used as water tanks or, in some cases, sewage tanks.
Techno-Plast has four manufacturing plants in countries outside Bulgaria, including Spain and Kazakhstan.

“We are encouraging Bulgarian companies to invest in Oman,” she added.

Nizar Shanfari, deputy chairman of Shanfari group, said that there are many investment opportunities for Omani companies in Bulgaria. The Euro-Asian Integration Exhibition will be held at Hafa House Hotel from June 1 to 4, 2014.

As many as 25 companies are expected to participate in the exhibition, which is organised by Shanfari group in cooperation with the Bulgarian committee for organising exhibitions.

The exhibition will focus on industries such as education, tourism, electricity, oil, solar energy, telecommunications, technology and food products.

The exhibition will provide an opportunity for Omani investors to forge agreements with Bulgarian firms.

The exhibition will also host meetings between municipal officials from both countries.
The exhibition will include information about education, tourism, infrastructure projects and food products.