KUWAIT, Nov 12 (KUNA) -- Kuwait and the Republic of Kenya signed here on
Tuesday two agreements concerning the avoidance of double taxation and the
encouragement and reciprocal protection of investments.
The agreements were signed on the sidelines of the ongoing Arab-African
Finance Undersecretary of Kuwait, Khalifa Hamadah signed the agreement to
avoide double taxation on behalf of Kuwait.
The agreement is aimed at removing obstacles hindering capital flow and
trade exchange between Kuwait and Kenya. It included several articles
concerning privileges of concerned individuals and corporates and government
The agreement also covered maritime and air transport businesses.
According to the terms of the deal, the State of Kuwait and its
institutions would be exempted from taxes imposed on share profits and
interest of loans as result of its investment activities in the Republic of
The agreement also convered income of employees of diplomatic missions and
students in both countries.
On the encouragement and reciprocal protection of investments agreement,
Hamadah and the Kenyan Secretary of the National Treasury Henry Rotich inked
papers of the terms.
It stipulated the facilitation of investment presence in both countries and
enhancement of economic trade and free movement of capitals.
Businessmen would be allowed to issue licenses for their companies and
avoide and receive compensations in time of nationalization and confiscations.
Arbitration measures were also included in the terms of the agreement in
accordance with international laws. (end)
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