KUWAIT: The Kuwaiti Ministry of Finance signed two separate agreements on Sunday with its counterparts in Saudi Arabia and Qatar. The agreements aim to support regional financial cooperation and enhance economic integration among Gulf Cooperation Council (GCC) countries.
Minister of Finance and Minister of State for Economic Affairs and Investment, Noura Al-Fassam, affirmed in a press statement following the signings that the ministry is committed to strengthening economic collaboration within the GCC and providing all necessary means to achieve deeper economic integration among member states.
Minister Al-Fassam represented Kuwait in the signing ceremonies. Representing Saudi Arabia was Minister of Finance Mohammed Al-Jadaan. The agreement with Saudi Arabia focuses on coordination on financial issues at both regional and international levels, and includes areas such as the development of financial policies, legislation, and regulatory frameworks to serve mutual interests.
The Qatari side was represented by Minister of Finance Ali Al-Kuwari. The agreement with Qatar addresses the avoidance of double taxation and prevention of tax evasion. It also aims to facilitate investments, enhance capital flows, and align tax policies between the two countries. Additionally, the agreement includes provisions for tax exemptions and reductions on profits and interest, offers preferential treatment for government investment entities, and outlines mechanisms for the mutual settlement of future tax disputes between the two brotherly nations. — KUNA
