Doha: The State of Qatar, represented by the Ministry of Finance, and the State of Kuwait, represented by the Ministry of Finance, have formalized an agreement to prevent double taxation on income and thwart tax evasion. This significant agreement was signed on Sunday by Qatar's Minister of Finance, Ali bin Ahmed Al Kuwari, and Kuwait's Minister of Finance and Minister of State for Economic Affairs and Investment, Engineer Noura Sulaiman Al Fozan.

According to Qatar News Agency, the agreement aims to create a legal framework for tax treaties between Qatar and Kuwait, effectively eliminating all instances of double taxation. It is also designed to enhance commercial cooperation between the two nations, broaden investment opportunities for government entities and individuals, combat tax evasion, and ensure neutrality and fairness in the treatment of taxpayers.

HE Ali bin Ahmed Al Kuwari highlighted the importance of the agreement, stating that it will support international transparency standards through the exchange of verified financial information. This is part of both countries' commitment to strengthening coordination and cooperation in tax matters and economic relations.