KUWAIT: The Kuwaiti Ministry of Finance yesterday signed a protocol with India amending the agreement between the two countries to avoid double taxation on income and to prevent tax evasion. The protocol amends the types of Kuwaiti taxes in Article two of the agreement, as well as Article 26 on exchanging tax data, both on individuals and corporates, the ministry’s Undersecretary Khalifa Hamada said in a press release.
He added that Kuwait ratified the form on exchanging tax data of endorsed by the Organization for Economic Cooperation and Development (OECD), noting that the Kuwaiti-Indian agreement was effective as of October 17, 2007. He also said that the agreement on encouraging investments between the two Asian countries was put into effect on June 28, 2003. – KUNA