Saudi Arabia and Kuwait have signed an agreement to avoid double taxation and boost investment collaboration during the Zakat, Tax, and Customs conference in Riyadh. The initiative aims to ease tax burdens, promote investment, and enhance economic cooperation as part of Saudi Vision 2030, with the ZATCA achieving high digital governance standards.
Saudi Arabia and Kuwait have jointly established an agreement designed to prevent double taxation and promote investment collaboration, as reported in a recent press release. The signing ceremony took place during the third Zakat, Tax, and Customs conference in Riyadh, officiated by Saudi Minister of Finance, Mohammad Al Jadaan, and Kuwaiti Minister of Finance, Nora Al Fassam. This strategic partnership aims to facilitate investments by lowering tax burdens and ensuring equitable conditions for investors.
Minister Al Jadaan emphasized that the conference plays a vital role in fostering international collaboration to mitigate tax and customs challenges, thereby supporting economic expansion and the exchange of expertise among countries. He noted the Kingdom’s advancement in realizing the objectives of Saudi Vision 2030, highlighting the active involvement of the Authority of Zakat, Tax, and Customs (ZATCA) in achieving these critical targets.
The ZATCA has attained an impressive 99.35% rating in the United Nations Digital Government Index, reflecting its commitment to enhancing digital services and fulfilling over 350 standards related to the index. Suhail Abanmi, the Governor of ZATCA, remarked that the conference will enable the authority to strengthen global economic development and effectively navigate prevailing economic and security challenges.
The agreement between Saudi Arabia and Kuwait is part of broader efforts to streamline tax regulations and bolster economic cooperation in the Gulf region. Double taxation can hinder economic investiture, and this treaty aims to eliminate such barriers, thereby enhancing mutual investment opportunities. The Zakat, Tax, and Customs conference serves as a strategic platform for discussing necessary reforms and innovations within the tax and customs framework, paving the way for sustainable economic growth and collaboration between nations. This initiative aligns with Saudi Arabia’s Vision 2030, setting a foundation for stronger bilateral and regional economic ties.
In summary, the recent signing of a double taxation avoidance agreement between Saudi Arabia and Kuwait marks a significant milestone in enhancing investment cooperation between the two nations. This initiative is expected to promote economic growth and improve investor confidence, while the ongoing Zakat, Tax, and Customs conference underscores the commitment of both countries to international cooperation and expertise exchange. The advancements made by ZATCA further demonstrate Saudi Arabia’s dedication to achieving the goals outlined in Saudi Vision 2030.
Original Source: www.zawya.com
