BD, Kuwait sign double taxation avoidance deal
Bangladesh and Kuwait have signed a double taxation avoidance agreement recently in a bid to promote bilateral trade and investment between the two countries.
The agreement titled ‘The avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income’ was signed Wednesday in Kuwait.
Bangladesh’s National Board of Revenue (NBR) Chairman Ghulam Hussain and Under Secretary for Ministry of Finance of Kuwait Khalifa M Hamada signed the agreement on behalf of their respective sides.
The agreement will help strengthen mutual economic relations between the two countries.
In accordance with the agreement, an individual or corporate body will be taxed on their income or earning at both sides.
It is worth mentioning that the current agreement between the two countries testifies to the excellent bilateral relations between Bangladesh and Kuwait that so happily exist.
In the signing ceremony, Ambassador Maj Gen Mohammad Ashab Uddin, Counsellor (Political) S M Mahbubul Alam and First Secretary (Labour) K M Ali Reza were present from the Bangladesh side while Director of International Treaty Omar A Welayyti, Director of Ministry of Finance Adel A, Al-Asousl and Financial Specialist Nawaf M Al-Najdi were present from the Kuwait side.
Credit: The Financial Express