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FINANCIAL NEWS
Kuwait signs taxation agreement with Denmark
23 Jun 2010
(MENAFN) Kuwait’s Ministry of Finance said that the government has signed an agreement with the Kingdom of Denmark to prevent double taxation, tax evasion and financial fraudulence, Kuna reported.
The articles of the agreement define several items such as the beneficiaries from the provisions and the permanent country of origin where a product is manufactured, made or assembled or a service is offered for no less than nine months.
The income tax envisaged in the document is levied only in the country where the funds are located under the provisions of the deal.
The article dealing with maritime and air transport provides that the revenues generated from such activities are subject to tax.
Investments of the Kuwaiti government and the state-run institutions in Denmark will be exempted from income tax and taxes on interest rates of loans.
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