KUWAIT, Nov 13 (KUNA) -- Kuwait and Jordan on Thursday signed a protocol amending the agreement on the avoidance of double taxation and the prevention of income tax evasion.
The protocol was signed by Kuwaiti Finance Undersecretary Aseel Al-Munifi and Jordan's Ambassador to Kuwait Sinan Al-Majali, the Ministry of Finance said in a press statement.
The ministry noted that the amendment aims to strengthen tax cooperation between the two countries, prevent double taxation and tax evasion, encourage investment, and enhance transparency through more effective exchange of tax information.
It added that the protocol will also help improve the business environment by simplifying tax procedures, ensuring legal protection for investors, and aligning Kuwait's tax framework with international standards set by the OECD.
The ministry said the updates include provisions endorsed by the OECD to combat misuse of tax agreements and promote transparency, in line with Decree Law No. 4 of 2024 on the exchange of tax information, as well as Decree Law No. 157 of 2024 concerning taxation of multinational enterprise groups. (end) ak.dm