Egypt Avoids Double Taxation on Air Transport Profits with Brazil

In its weekly meeting, the Cabinet approved a draft decision regarding the agreement to prevent double taxation on profits generated from air transport, between Egypt and Brazil, signed in Cairo on May 9.

The decision came with the aim of enhancing cooperation in the field of air transport, developing investments and trade exchange, and transferring capital and people between the two countries.

The letters exchanged include provisions, the most important of which is that the government of each country shall be exempted, on the basis of reciprocity, from income tax, and from the social contribution of net profit for projects implemented by a resident of the other country, with regard to profits resulting from operating aircraft in international air traffic, and gains resulting from the transfer of ownership of an aircraft operating, as well as movable property related to the operation of such aircraft.