The Kuwaiti and Iraqi ministries of finance signed an agreement for avoiding double taxation and preventing financial evasion for income and capital taxes.
The deal encompasses various advantages involving tax exemptions and reduction for investments and business in Kuwait and Iraq, the Kuwaiti Finance Ministry said in a statement Monday.
It was signed by Undersecretary of the Kuwaiti Finance Ministry Saleh Al-Sarawi and his Iraqi counterpart Maher Johan.
It aims at removing financial obstacles that could restrict capital movement and trade exchange between both countries through the prevention of double taxation on funds and individuals, according to the statement.
The deal was signed on the sidelines of the seventh session of the high Kuwaiti-Iraqi committee hosted by Kuwait on May 11-12 under the chairmanship of Kuwait Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah and Iraqi Foreign Minister Dr. Mohammad Ali Al-Hakim.
