Saudi Arabia and Kuwait have signed an agreement to avoid double taxation, aiming to enhance investment cooperation. The deal promotes investment by simplifying tax processes, and it aligns with Saudi Vision 2030 initiatives. During the Zakat, Tax, and Customs conference, both nations expressed their commitment to fostering economic growth and addressing tax challenges through collaboration.
Saudi Arabia and Kuwait have formalized an agreement focused on preventing double taxation and fostering investment collaboration, as highlighted in a recent press release. The agreement was signed by Saudi Minister of Finance, Mohammad Al Jadaan, and Kuwaiti Minister of Finance, Nora Al Fassam, during the third edition of the Zakat, Tax, and Customs Conference held in Riyadh. This partnership aims to stimulate investment by simplifying tax regulations, thereby providing equitable opportunities for investors in both nations.
Minister Al Jadaan emphasized the significance of the conference in enhancing international cooperation to tackle tax and customs challenges, subsequently bolstering economic growth and the exchange of expertise. He expressed confidence that progress is being made towards fulfilling the objectives outlined in Saudi Vision 2030, with the Authority of Zakat, Tax, and Customs (ZATCA) playing a pivotal role in this endeavor. The authority achieved a commendable score of 99.35% in the United Nations Digital Government Index as a result of advancements in its digital services and successful compliance with over 350 index requirements.
Governor Suhail Abanmi of ZATCA noted that the conference serves as a platform for reinforcing global economic development and addressing ongoing security and economic challenges. This collaborative initiative between Saudi Arabia and Kuwait marks a significant step forward in the realm of regional economic integration and investment facilitation.
The recent agreement between Saudi Arabia and Kuwait comes against the backdrop of ongoing efforts within the Gulf Cooperation Council (GCC) to enhance economic collaboration and investment opportunities. Double taxation poses substantial hurdles for investors, which necessitates international agreements to maintain favorable investment climates. This initiative aligns with broader economic strategies, such as Saudi Vision 2030, aimed at diversifying economies and attracting foreign investments across the region. The ZATCA’s role in advancing digital governance further supports these objectives, showcasing the Kingdom’s commitment to modernizing its administrative processes.
In conclusion, the agreement between Saudi Arabia and Kuwait to avoid double taxation represents a crucial advancement in fostering regional economic growth and streamlining investment processes. The collaboration underscores the commitment of both nations to enhancing their economic ties and addressing challenges related to taxation and customs. The successful initiatives of ZATCA further illustrate the Kingdom’s dedication to achieving the goals of Saudi Vision 2030 and improving investor confidence through effective governance.
Original Source: www.zawya.com
