Muscat – Oman and the Russian Federation inked an agreement on Thursday on the avoidance of double taxation and the prevention of tax evasion for income taxes.

The agreement was inked by Saud Nasser al Shukaili, Chairman of Oman Tax Authority on behalf of the Oman government and Alexei Sazanov, Deputy Minister of Finance on behalf of the Russian government.

The agreement aims to legally protect investors from imposing double taxes and regulate the imposition of tax between the two countries, which will contribute to enhancing investments and trade exchange between them.

Meanwhile, Oman has signed more than 38 taxation agreements with friendly countries to expand the scope of investments and trade exchange.