VIENNA, June 18: Kuwait and Austria signed a protocol on Tuesday to amend the existing agreement on the avoidance of double taxation and the prevention of fiscal evasion between the two countries.

The protocol was signed by Kuwaiti Ambassador to Austria Talal Al-Fassam and Austria’s State Secretary at the Ministry of Finance, Barbara Ebinger-Midl.

Following the signing, Ambassador Al-Fassam told KUNA that the protocol aims to enhance financial transparency through the effective exchange of tax information. He described the amendment as a milestone in strengthening financial and economic cooperation between Kuwait and Austria.

Ambassador Al-Fassam emphasized that this step aligns with both countries’ efforts to develop their tax systems in accordance with international standards. This development helps combat tax evasion while providing an attractive and secure legal and tax environment for investors.

He further noted that the protocol reflects the commitment of both sides to facilitating capital flow, encouraging investment, and offering legal protection to investors, which will boost economic and trade relations between Kuwait and Austria.

The signing ceremony was attended by Suhail Al-Zanki, Monitor of International Agreements at Kuwait’s Ministry of Finance, and Ali Behbehani, Diplomatic Attaché at the Kuwaiti Embassy in Austria.