(MENAFN - Arab Times) An agreement to avoid dual taxation was inked last December in Tokyo between Japan and Kuwait, the Ministry of Finance said here on Monday.
The agreement aims at alleviating burden shouldered by the Kuwaiti investor overseas and vise versa, a statement by the ministry said, adding that another objective of the agreement was to encourage capitals' transaction and attract more investments. The agreement is seen as the most significant one for Kuwait due to what it stipulated of tax cuts and exemptions among other facilitations, the statement noted.
A number of Kuwaiti government bodies would benefit from the agreement such as the Central Bank of Kuwait, the Public Investment Authority, Kuwait Petroleum Company, the Public Authority for Social Securities and the Kuwait Fund for Arab Economic Development, it pointed out.
The agreement also stipulated that consultations between the two countries regarding details and implementation of the deal would be present, it added. Signing the agreement from the Kuwaiti side was Assistant Undersecretary for Financial and Taxation Affairs at the ministry Fawzi Al-Qassar, while the Japanese side was represented by Head of the Second Department for the Middle East at the Japanese Foreign Ministry.