Saudi Arabia and Kuwait Sign Agreement to Avoid Double Taxation
Saudi Arabia and Kuwait have signed a deal to avoid double taxation and enhance investment cooperation. The agreement was finalized during a conference in Riyadh, aiming to create equitable investment opportunities. The initiative supports both nations’ economic growth plans as outlined in Saudi Vision 2030, with significant advancements in digital services by the Authority of Zakat, Tax, and Customs.
Saudi Arabia and Kuwait have formalized an agreement designed to eliminate double taxation and to foster greater investment collaboration between the two nations. This initiative was announced following the signing by Saudi Minister of Finance, Mohammad Al Jadaan, and Kuwaiti Minister of Finance, Nora Al Fassam, during the Zakat, Tax, and Customs Conference in Riyadh. The agreement aims to encourage investments, reduce fiscal burdens, and provide more equitable conditions for investors in both countries.
Minister Al Jadaan noted that the conference serves as a platform for enhancing international cooperation to address the complexities associated with taxation and customs, thereby supporting economic growth and facilitating the exchange of expertise. He emphasized the Kingdom’s commitment to advancing the goals set forth in Saudi Vision 2030, highlighting the active involvement of the Authority of Zakat, Tax, and Customs (ZATCA) in achieving these objectives.
Underlining the organization’s advancements, he remarked on ZATCA’s impressive 99.35% score on the United Nations Digital Government Index, a recognition stemming from the modernization of its digital services and adherence to over 350 compliance requirements set by this index. Suhail Abanmi, the Governor of ZATCA, underscored that the conference would bolster global economic growth and address both security and economic challenges effectively.
The agreement to prevent double taxation between Saudi Arabia and Kuwait is a significant development in enhancing economic ties between the two Gulf nations. Such agreements are essential for promoting cross-border investments, as they ensure that entities are not taxed on the same income by both countries. The signing of this deal within the framework of a dedicated conference illustrates both countries’ shared commitment to improving their fiscal environments and encouraging mutual investment.
In summary, the newly signed agreement between Saudi Arabia and Kuwait represents a strategic effort to eliminate double taxation, thereby enhancing investment opportunities and collaboration. By fostering economic cooperation through effective tax policies, both nations aim to support their growth objectives and adhere to the principles of Saudi Vision 2030. Moreover, the successful score on the United Nations Digital Government Index reflects the progress both countries are making in modernizing their fiscal administration.
Original Source: www.zawya.com
