By Ahmad Al-Furaij
KUALA LUMPUR (KUNA) -- Kuwait and Hong Kong have signed an initial agreement for avoiding double taxation, which will open up new horizons for boosting investment between the two sides.
Signing the agreement on behalf of Kuwait was the Finance Ministry's Assistant Undersecretary for Tax Affairs Fouzi Al-Qassar, with Hong Kong's Deputy Commissioner for International Agreement Affairs.
"This agreement is an economic achievement for Kuwait, as it will facilitate the exchange of capital between the two sides and open up new horizons for the development of investments in a secure economic climate, with a clear legal frame," said Kuwaiti Consul in Hong Kong Bader Al-Tunaib on Friday.
Speaking to KUNA over the telephone, the consul, who was present at the signing ceremony, said that this came after agreements for encouraging and protecting investments were signed between the two sides in January 2006.
He said such agreements provided investors on both sides with the ability to engage in new projects and expanding existing ones, noting that trade exchange was also expected to rise.
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December 12, 2008
Kuwait, Hong Kong Sign Initial Agreement For Avoiding Double Taxation
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