Mubasher: Kuwait and Switzerland have signed a protocol to amend an agreement on prevention of double taxation, Kuwait News Agency (KUNA) reported.

The original double taxation prevention agreement between the two countries was signed in 1999 in Kuwait.

“The 20-year-old agreement needed to be revised to cope with international standards on prevention of double taxations,” Kuwait’s Finance Ministry's Assistant Undersecretary for Finance and Taxation, Aseel Al-Muneefi, said.

Kuwait aims at gaining the highest tax exemption on Kuwaiti investments in Switzerland, she noted, adding that the agreement would now offer many exemptions on long-term government and private investments, but with a 10% ownership of corporates.

The protocol included new articles dealing with prevention of financial evasion, settlement of disputes, profits on capitals and exchange of tax information.