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Libya Signs Economic Pacts With Oman

by Lorys Charalambous, Tax-News.com, Cyprus

20 April 2010


In meetings last week, a visiting delegation led by Libya’s Secretary of Libya’s Committee for Planning and Finance, Abdulhafeedh Mahmoud al Zulaitani, signed several agreements with Oman to fortify economic ties.

A total of four agreements were signed between the two countries, including one for the avoidance of double taxation and fiscal evasion. The agreement, when it is ratified by both countries, will ensure that individuals and businesses participating in bilateral trade or investments between the two countries are not taxed twice.

The two countries’ delegations also agreed and initialled a text for an agreement to promote and protect investments, signed an agreement to regulate air services, and signed a Memorandum of Understanding on the proposed restructuring of the Omani-Libyan Joint Holding Company, a fund for combined investment projects with capital of USD250m.

TAGS: transport treaty | tax | business | double tax agreement (DTA) | law | Libya | agreements | trade | Oman

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