(MENAFN- Kuwait News Agency (KUNA)) In an effort to encourage bilateral investments, Kuwait signed two agreements with Lithuania for the evasion of tax duplication and for the reciprocal protection and encouragement of investments.
In a press statement, the Ministry of Finance announced Saturday that the two agreements were signed on Thursday in Washington by Undersecretary of Finance Ministry Khalifa Hamada and the Lithuanian Finance Minister Rimantas Sadzius.
The statement revealed that the first agreement aims to avoid double taxation of income and capital as well as to help prevent tax evasion.
It also includes tax exemptions and cuts on some business and commercial activities, the Finance Ministry stated.
Meanwhile, the second agreement stipulates for the reciprocal protection and encouragement of investments.
The Finance Ministry pointed out that the agreement includes facilitations in business launching procedures as well as several guarantees over the protection of the financial rights of investors.
The pact also aims to encourage investors to pour more capital and investments into the two countries and to participate in the development process of both.Â
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