An agreement signed by Kuwait and the UAE on Sunday to avoid double taxation on income and capital taxes is key to prevent tax evasion and avoidance, a Kuwaiti minister has said.
On the sidelines of the Arab Fiscal Forum held as part of the pre-summit day of the World Governments Summit, Dr Anwar Ali Al Mudhaf, Kuwaiti Minister of Finance and Minister of State for Economics Affairs and Investments, said that the agreement was signed after discussions and completion of all its axes to reflect the importance of the relations between the UAE and Kuwait.
He pointed out that the agreement is part of the process of economic and financial integration and the free movement of capital between the UAE and Kuwait, adding that the agreement is expected to enhance economic integration and have positive effects on the citizens and investors of the two countries.
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Dr Al Mudhaf underpinned the importance of the World Governments Summit, which is held annually to explore future opportunities and challenges, and the most prominent challenges facing the world across a number of pressing issues, pointing out that Kuwait’s participation in the summit reaffirms the depth of the strategic and fraternal relations UAE-Kuwait ties.
The Minister of Finance of Kuwait stated that 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.