Oman, Hungary ink pact on avoiding double taxation

The sultanate signed an agreement on avoiding double taxation and income-tax evasion with Hungary on Wednesday.

The agreement was signed by H E Darwish bin Ismail Ali al Balushi, Minister Responsible for Financial Affairs, and Hungary’s Non-Resident Ambassador to the sultanate.

H E Balushi said that the signing of the agreement aims at regularising taxes for individuals and companies operating in both countries, providing proper legal and legislative environment for enhancing economic, business and investment relations and increasing the volume of bilateral trade.

The minister said that the agreement is sultanate’s 38th on the avoidance of double taxation. Oman is seeking to sign the agreement with more countries as it is very important and will bring many benefits including enhancing the country’s competitiveness at different markets, H E Balushi added.