Signing Of The Agreement Between Singapore And Kuwait For The Avoidance Of Double Taxation On 21 Feb 2002

An Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income was signed today between the Republic of Singapore and Kuwait.

2. The signing took place in Singapore. Mr. Lee Hsien Loong, Deputy Prime Minister and Minister for Finance, signed on behalf of Singapore while Dr Yousef H. Al-Ebraheem, the Kuwaiti Minister of Finance signed on behalf of Kuwait.

3. The Agreement aims to alleviate the burden of double taxation of income earned in one country by a resident of the other. It also makes clear the taxing rights between Singapore and Kuwait on all forms of income from cross-border economic activities between the two countries. There are also provisions for reduction or exemption of tax on certain types of income. The Agreement facilitates the cross-flow of trade, investment, financial activities and technical know-how between Singapore and Kuwait.

4. With the signing of this Agreement, Singapore has signed comprehensive Avoidance of Double Taxation Agreements with 47 countries. The Agreement will enter into force after its ratification by both countries. The provisions of the Agreement will apply to income arising in the year after its entry into force. Details of the Agreement will be made available after the ratification.

Ministry of Finance