Kuwait Signs Agreement on Tax Base Erosion, Profit ShiftingSource: www.export-egypt.com 6/8/2017, Location: Middle East |
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In an extraordinary step, Kuwait signed a multi-party agreement to implement prevention measures regarding base erosion and profit shifting.
Kuwait's Ambassador in Paris Sami Al-Sulaiman headed the Kuwaiti delegation on behalf of the Deputy Prime Minister and Minister of Finance Anas Al-Saleh during the signing ceremony, which witnessed the participation of 72 countries, including 40 ministers of finance, at the headquarters of Organisation for Economic Cooperation and Development (OECD) . In remarks to KUNA, The diplomat stressed the importance of this agreement as it provides flexibility in changing its articles while maintaining its main content, which guarantees stability. According to OECD's definition, base erosion and profit shifting, or BEPS, refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially-shift profits to low or no-tax locations. Under the inclusive framework, over 100 countries and jurisdictions are collaborating to implement the BEPS measures and tackle BEPS. |
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