The UAE and Kuwait signed an agreement to avoid double taxation on income and capital taxes. The agreement is aimed at preventing tax evasion and avoidance.
Dr. Anwar Ali Al-Mudhaf, Kuwait’s Minister of Finance and Minister of State for Economics Affairs and Investments, told WAM that the agreement was signed after discussions and considerations of all aspects related to the important issue, reflecting the importance of the relations between the two countries.
He also said the agreement is part of the process of economic and financial integration and the free movement of capital between the UAE and Kuwait.
The agreement is expected to enhance economic integration and have positive effects on the citizens and investors of the two countries, the minister told WAM on the sidelines of the World Governments Summit.
Dr. Al-Mudhaf also highlighted the importance of the World Governments Summit, which is held annually to explore future opportunities and challenges.
He said Kuwait’s participation in the summit reaffirms the depth of the strategic and fraternal UAE-Kuwait relations.
The Minister said the participation of more than 25 heads of state and government, 140 government delegations and more than 85 international and regional organisations and global institutions in the summit events is a clear indication of the importance and high status that the UAE has reached in the international community, as well as its strategic importance from an economic and political point of view.