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Kuwait, Philippines agree to avoid double taxation |
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Tuesday, 03 November 2009 23:05 |
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Kuwait and the Philippines have signed an agreement on double taxation avoidance and financial evasion prevention
with a view to boosting mutual capital movement and developing trade exchange.
It is one of the most significant agreements signed by Kuwait thanks to relevant tax exemptions and relief for investment and business in both countries, the Kuwaiti Finance Ministry said in a release on Tuesday.
The deal was inked by Undersecretary of the Kuwaiti Ministry of Finance Khalifa Hamada and the Philippine Ambassador to Kuwait Ricardo Endaya.
It mainly aims to remove financial obstacles impeding trade exchange between Kuwait and the Philippines by avoiding double taxation between both countries, it said.
Under the agreement, supplies and goods necessary for investment projects in both sides are untaxed.
Financial privileges given to diplomats, permanent delegations and consular staff are not to be subject to any taxes.
The agreement will remain valid for five years renewable for a similar term or terms. - Kuna
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