Kuwait and UAE Sign Agreement to Prevent Double Taxation

Kuwait, 15 July, 2024 : Kuwait and the UAE have approved a new decree-law aimed at preventing double taxation on income and capital. The agreement, signed in Dubai on February 11, targets tax evasion and avoidance between the two nations.

The law defines its scope in Article 1, covering residents of both Kuwait and the UAE. It ensures that income from immovable property in either country is taxed locally, as stipulated in Article 6.

According to Article 2, the agreement applies to all taxes on income and capital imposed by either country, including those on profits from property transfers and total wages paid by enterprises.

This initiative aims to enhance economic cooperation and provide clarity for residents and businesses operating across both nations.

Source : www.kuwaitnews.com