Kuwait, Luxembourg initial Protocol amending Tax Convention
BRUSSELS, July 18, (KUNA): Kuwait Ministry of Finance and Luxembourg Ministry of Finance on Wednesday in Luxembourg, initialled a Protocol amending the Convention for the Avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital.
Aseel Al-Munifi- Assistant Undersecretary for Financial and Tax Affairs in Kuwait Ministry of Finance – initialled the Protocol on behalf of the State of Kuwait, and Paul Roller – Head Manager of Department of International Relations and Tax Administration – on behalf of the Grand Duchy of Luxembourg.
In a phone statement from Luxembourg to Kuwait News Agency (KUNA), Al-Munifi explained that Kuwait and Luxembourg had signed the Tax Convention in 2007 and it has been ratified only by Kuwait in 2010, but not ratified by Luxembourg yet.
The major articles which has been amended in the Protocol are corresponded to the minimum standard of the BEPS project (Base erosion and profit shifting), as demanded by the OECD (Organisation for Economic Co-operation and Development) to further develop the economic relationship and to enhance the co-operation in tax matters between the countries specially in Automatic Exchange Of Information (AEOI). Al-Munifi said the Tax convention between Kuwait and Luxembourg is intended to be signed during the expected visit of the Prime Minister of Luxembourg Xavier Bettel to Kuwait later this year. His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah had invited Bettel to visit Kuwait this year during their meeting on the sidelines of the EU-Arab League Summit in Sharm El Sheikh, Egypt last February