Kenyan government and the Sultanate of Oman are set to begin talks on setting up a Double Taxation Agreement (DTA) that will guide trade between the two countries. The agreement is expected to eliminate double taxation income arising from individual states and paid to residents of the other country.
Representatives from the two countries are set to meet and deliberate on the modalities of the DTA. Speaking during the opening ceremony of the Omani Products Exhibition in Nairobi, Oman’s Minister for Commerce and Industry H.E Dr Ali bin Masoud bin Ali al Sunaidy, said the two countries have enjoyed good relations in trade and having a DTA in place will see more growth in trade volumes. “Having a DTA in place will create a favorable environment for investment and trade. It will remove uncertainties on taxation arising by having two different authorities.”
On his part, the Cabinet Secretary for East Africa Community Adan Mohammed, reaffirmed Kenya’s commitment to further consolidate and advance bilateral economic cooperation between the two countries. “There is commitment from the two countries and soon we will set up a meeting that will foster the development of a DTA.” To date, Kenya has signed at least 21 DTA’s with different countries with the last one being that between Kenya and Japan.
During the meeting, Kenya and the Sultanate of the Oman, agreed to further work towards strengthening of business, trade and shipping links. Mutual collaborations in the field of manufacturing, trade, tourism, agriculture and housing were discussed during the two countries meeting at the exhibition. CS Mohammed also encouraged Omani businesses to explore the available opportunities that Kenya has to offer.
Over 100 Omani businesses are currently in Kenya participating in the Omani Product Exhibition. The exhibition is geared towards introducing Oman Industries to several companies and consumers in Kenya while highlighting the variety of Oman made products and services.