Saudi Arabia and Kuwait signed a landmark agreement to prevent double taxation and enhance investment cooperation during the Zakat, Tax, and Customs conference in Riyadh. The deal aims to simplify tax processes and promote equitable investment conditions, while both nations reaffirm their commitment to economic growth and the goals of Saudi Vision 2030.
Saudi Arabia and Kuwait have formalized a significant agreement aimed at preventing the double taxation of individuals and entities operating between the two nations. This agreement was signed by Saudi Minister of Finance, Mohammad Al Jadaan, and Kuwaiti Minister of Finance, Nora Al Fassam, during the recent Zakat, Tax, and Customs conference in Riyadh. The partnership is designed to encourage investment by simplifying tax processes and ensuring equitable conditions for investors.
Al Jadaan emphasized that the conference plays a crucial role in advancing international cooperation to tackle tax and customs issues, which in turn supports broader economic development and facilitates the sharing of expertise. He also noted that Saudi Arabia is making strides in fulfilling the objectives outlined in Saudi Vision 2030, with the Authority of Zakat, Tax, and Customs (ZATCA) actively contributing to this progress.
Underlining its achievements, ZATCA recorded an impressive 99.35% in the United Nations Digital Government Index, a result of enhancing its digital services and meeting over 350 index criteria. In addition, Suhail Abanmi, the Governor of ZATCA, remarked that the conference serves as an opportunity to strengthen global economic resiliency and address emerging security and economic challenges.
The agreement between Saudi Arabia and Kuwait represents a strategic effort to foster economic cooperation and minimize barriers to trade. By eliminating double taxation, both nations aim to create a more favorable environment for investors, encouraging cross-border investments that can lead to mutual economic benefits. The development comes in conjunction with ongoing initiatives to realize the goals of Saudi Vision 2030, which emphasizes economic diversification and enhanced cooperation with regional partners. The role of ZATCA in supporting this initiative reflects the Kingdom’s commitment to leveraging technology and effective governance in its economic policies.
In conclusion, the recent agreement between Saudi Arabia and Kuwait marks a pivotal moment in enhancing bilateral economic relations by addressing the issues of double taxation. This initiative not only aligns with the broader objectives of Saudi Vision 2030 but also showcases the nations’ commitment to fostering investment cooperation and economic growth. The successful implementation of such agreements will likely contribute positively to regional economic stability and development.
Original Source: www.zawya.com
