Saudi Arabia and Kuwait have entered into an agreement to prevent double taxation, thereby enhancing investor cooperation. This agreement was established during the Zakat, Tax, and Customs conference in Riyadh, aiming to promote economic growth and equitable investment opportunities between the two countries.
Saudi Arabia and Kuwait have successfully finalized an agreement designed to eliminate double taxation and promote cooperative investment opportunities between the two nations. This significant accord was signed by Saudi Minister of Finance, Mohammad Al Jadaan, and his Kuwaiti counterpart, Nora Al Fassam, during the third edition of the Zakat, Tax, and Customs conference hosted in Riyadh. The initiative aims to foster a more conducive investment climate by reducing tax burdens and establishing equitable conditions for investors from both countries.
Minister Al Jadaan emphasized the importance of the conference in enhancing international collaboration to tackle common tax and customs challenges, which ultimately supports economic development and the exchange of knowledge. He also highlighted the ongoing progress made by Saudi Arabia in realizing the objectives of Saudi Vision 2030, with the Authority of Zakat, Tax, and Customs (ZATCA) playing a pivotal role in this transformation.
ZATCA’s achievements in advancing digital services have positioned it favorably, achieving an impressive score of 99.35% in the United Nations Digital Government Index, attributed to its effective implementation of over 350 digital service requirements. Furthermore, Suhail Abanmi, the Governor of ZATCA, noted that the conference serves as a platform to bolster global economic growth while addressing various security and economic challenges.
The recent agreement between Saudi Arabia and Kuwait signifies a notable step in enhancing bilateral economic relations, particularly in the realm of taxation. The elimination of double taxation encourages investment flow, as it alleviates the financial burden on investors and attracts foreign capital. The Zakat, Tax, and Customs conference serves as an essential forum for discussing pertinent tax issues and fostering collaboration between member nations, aligned with international economic standards and practices. As Saudi Arabia continues its pursuit of Vision 2030, such agreements play a crucial role in meeting its ambitious economic diversification goals.
In conclusion, the agreement between Saudi Arabia and Kuwait to avoid double taxation marks a significant advancement in their cooperative investment efforts. By facilitating a tax-friendly environment for investors, both nations are likely to enhance their economic ties and stimulate growth. This initiative not only reflects the commitment of both governments to strengthen bilateral relations but also underscores their alignment with global economic standards and the pursuit of sustainable development goals for the future.
Original Source: www.zawya.com
