Kuwait City: Kuwait and Austria have signed a protocol to amend the Double Taxation Avoidance Agreement (DTAA), aiming to prevent tax evasion. The agreement was signed by Kuwait’s Ambassador to Austria, Talal Al-Fassam, and Austria’s State Secretary at the Ministry of Finance, Barba Ebinger-Miedl.

According to Kuwait News Agency, Ambassador Al-Fassam stated that the protocol seeks to enhance financial transparency through the effective exchange of tax information. He noted that this development represents a significant step in the financial and economic cooperation between the two countries. The amendment aligns with both nations’ efforts to evolve their tax systems in accordance with international standards.

The agreement underlines the commitment of Kuwait and Austria to facilitate capital flow, stimulate investment, and provide legal protection for investors. This, in turn, is expected to strengthen economic trade relations between the two nations, Al-Fassam added.

The signing ceremony was also attended by Suhail Al-Zanki, monitor of international agreements at the Ministry of Finance, and Ali Behbehani, Diplomatic Attach© at the Embassy of Kuwait in Austria.