The UAE and Kuwait have signed an agreement that will eliminate double taxation on income and capital taxes, and that will help prevent tax evasion, a report said.

Underscoring the importance of the agreement, Dr Anwar Ali Al-Mudhaf, Kuwait’s Minister of Finance and Minister of State for Economic Affairs and Investments, told Emirates News Agency (WAM) on the sidelines of the 8th Arab Fiscal Forum, that the deal is part of the process of economic and financial integration and the free movement of capital between the UAE and Kuwait.

It is expected to enhance economic integration and have positive effects on the citizens and investors of the two countries, he added.

Dr Al Mudhaf underpinned the importance of the World Governments Summit, which is held annually to explore future opportunities and challenges, and the most prominent challenges facing the world across a number of pressing issues, pointing out that Kuwait’s participation in the summit reaffirms the depth of the strategic and fraternal relations UAE-Kuwait ties.

The Minister of Finance of Kuwait stated that the participation of more than 25 heads of state and government, 140 government delegations and more than 85 international and regional organisations and global institutions in the summit events is a clear indication of the importance and high status that the UAE has reached in the international community, as well as its strategic importance from an economic and political point of view.