GENEVA, Nov 7, (KUNA): Kuwait and Switzerland have signed a protocol to amend an agreement on prevention of double taxation. The protocol is important for Kuwait, which considers Switzerland a major economic and investment destination, Aseel Al-Muneefi, Finance Ministry’s Assistant Undersecretary for Finance and Taxation, told KUNA Thursday.
Al-Muneefi, who signed the protocol from the Kuwaiti side, said the double taxation prevention agreement was signed in 1999 in Kuwait. “But the 20-year-old agreement needed to be revised to cope with international standards on prevention of double taxations,” she added.
She said Kuwait aimed at gaining highest tax exemption on Kuwaiti investments in Switzerland. Al-Muneefisaid the agreement would now offer many exemptions on longterm government and private investments, but with a 10-percent ownership of corporates. The protocol, she explained, included new articles dealing with prevention of financial evasion, settlement of disputes, profits on capitals and exchange of tax information