Brunei Darussalam and Kuwait have signed several cooperation agreements including an agreement for the avoidance of double taxation and fiscal evasion with respect to income taxes.
The signing ceremony, held on April 14, saw the signing of several documents of cooperation between the two countries including an Agreement for the Reciprocal Promotion and Protection of Investment, the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTA) and a Memorandum of Understanding on Oil and Gas Cooperation.
The agreements were signed by Pehin Dato Seri Pahlawan Haji Mohammad, Brunei’s Minister of Energy and Kuwaiti Minister of Finance Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah.
When the agreement for the avoidance of double taxation enters into force, upon the exchange of formal notes between the respective countries, it will remove double taxation on trade and investment and provide a beneficial legal framework.
During extensive meetings, delegates from the respective countries discussed current cooperation and expressed commitment to further promote bilateral ties. Both leaders also discussed regional and international issues of mutual interest and concern.
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