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Kuwaiti Prime Minister for Guyana Monday

Jul 17, 2010 News

…Double Taxation Agreement will be signed – Source

Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah, the Prime Minister of Kuwait, is scheduled to arrive in Guyana on Monday.
This was confirmed by this newspaper with Director General of the Ministry of Foreign Affairs Elizabeth Harper.
The Kuwaiti Prime Minister’s visit will see the signing of several agreements as well as follow up on investments talks.
One of the outcomes of the Prime Minister’s visit will be the signing of the Guyana/Kuwait Double Taxation Agreement.
Negotiation on that agreement began in 2005 and is aimed at avoiding tax being levied twice on the remuneration or any other money earned by a Guyanese or Kuwaiti in the respective countries.
A major goal of bilateral tax treaties is to remove impediments to international trade and investment by abating the risk of double taxation that can occur when both contracting states impose tax on the same income.
A bilateral tax treaty generally increases the extent to which exporters residing in one contracting state can engage in trading activity in the other contracting state without attracting tax liability in that latter.
The Guyana/Kuwait Double Taxation Agreement is geared at providing a “proper environment” for investors.
The agreement is expected to build on agreements signed between Guyana and Kuwait when President Bharrat Jagdeo visited that oil-rich country last January.
During President Jagdeo’s visit, Kuwait agreed to give Guyana US$10 million for infrastructure projects. That will most likely go towards developing new housing areas on the East Bank, where the government recently acquired 2,000 acres of land from the Guyana Sugar Corporation to develop 10,000 new house lots.

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