Egypt, keen on Indian investments, is looking forward to certain modifications in the existing double taxation agreement with India.
“We have proposed the modifications. The ball is now in India’s court,” said Egyptian Ambassador to India Hatem Tageldin at an event at MCC Chamber of Commerce here on Tuesday.
He said 51 Indian business entities have set up shop in Egypt, investing about $3 billion. Three Egyptian companies have also set foot in India. He said modification DTAA would facilitate greater two-way investments.
According to tax expert G Vanvari of KPMG India, provisions in the current treaty do not cover all the aspect of business income, including capital gains and export income.
The Egyptian envoy invited Indian business houses to bid for 14 cement manufacturing licences and limestone rights up for the grabs now in Egypt. He also invited Indian entrepreneurs to invest in Suez Free Trade Zone.
“Suez is now handles two-way traffic. The FTZ also opens up access for Indian exports to Europe and US, with which Egypt has free trade agreements,” he added.