Kuwait hails contribution of Italian firms

Importance of double taxation avoidance stressed

ROME, Oct 12, (KUNA): The State of Kuwait Ambassador to Italy Sheikh Ali Khaled Al-Jaber Al-Sabah has praised the global technical and operational excellence-level of major Italian construction corporations in executing several Kuwaiti development projects.

He made his remarks to KUNA on the sidelines of his participation, by invitation from Italian Foreign Minister Paolo Gentiloni, in the annual meeting of the major Italian construction companies with operations and investments around the world.

Ambassador Sheikh Ali Khaled highlighted growth of number of countries that deal with Italian construction technologies

Sheikh Ali

in carrying out mega and complex projects.

Sheikh Ali also noted the growing interest shown by Italian companies and government in the contribution and cooperation to achieve an architectural renaissance in Kuwait and serving the country’s development plans.

The Kuwaiti ambassador and the Italian Foreign Minister both expressed deep satisfaction at the current level of bilateral ties between the two countries in various fields.

The annual forum was held in the Great Hall at the Italian Foreign Ministry, with participation of GCC ambassadors and heads and representatives of its diplomatic missions.

A senior official at Kuwaiti Ministry of Finance has underlined the significance of the agreement of Avoidance of Double Taxation and the Prevention of Fiscal Evasion signed by Kuwait and Brunei on Tuesday during the visit of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

Signing the agreement aims to remove financial obstacles so as to promote trade exchange between the two countries, Ghaidaa Al-Shamali, head of taxes agreements department at the ministry, told KUNA on Wednesday.

The deal prevents double taxation with respect to money or individuals, she said. She noted that the deal has several articles including (the resident article) which determine people benefiting from traits of the agreement.

Among the articles also are “the income from immovable property” and “the business profit” which clarifies kind of spending discounted when taxes are estimated, she added.

The agreement also has articles on (capital, profits of shares and diplomatic mission staff), she indicated.

The Article 29 of the agreement stipulates that it is valid for five years and is renewed automatically for further five years, she said.