Kuwait launches tax agreement with UAE to enhance economic integration

Asma - | Arab News

The Finance Minister highlighted the recent agreement between Kuwait and the UAE as a pivotal measure to combat tax evasion and avoidance by ensuring there is no double taxation on income and capital taxes.

Dr. Anwar Ali Al Mudhaf, Kuwait's Minister of Finance and Minister of State for Economics Affairs and Investments, emphasized the extensive deliberations and meticulous planning that preceded the signing of the agreement. He emphasized that this agreement signifies the strength of the bilateral relations between the UAE and Kuwait and serves as a testament to their commitment to fostering economic and financial integration.

The agreement is viewed as a cornerstone of the ongoing process of economic and financial integration between the two nations, facilitating the free movement of capital and enhancing economic cooperation. Dr. Al Mudhaf expressed optimism regarding the positive impact of the agreement on citizens and investors from both countries, anticipating that it would contribute to further strengthening economic ties and promoting mutual prosperity.

In addition to discussing the agreement, Dr. Al Mudhaf underscored the significance of forums like the World Governments Summit, which provide valuable opportunities to explore future prospects and address pressing challenges. He highlighted Kuwait's active participation in the summit as a reflection of the deep-rooted strategic and fraternal ties between the UAE and Kuwait, emphasizing their shared commitment to addressing global issues and advancing common interests.

Furthermore, the Finance Minister commended the substantial turnout at the summit, with over 25 heads of state and government, 140 government delegations, and numerous international and regional organizations in attendance. He interpreted this widespread participation as a clear indication of the UAE's elevated stature within the international community and its pivotal role on both economic and political fronts.

The agreement between Kuwait and the UAE represents a significant milestone in their efforts to promote economic cooperation and combat tax-related challenges. Dr. Al Mudhaf's remarks underscore the importance of such agreements in fostering economic integration and advancing mutual interests, while also highlighting the broader significance of international forums like the World Governments Summit in addressing global issues and strengthening diplomatic relations.

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