Guyana and Kuwait yesterday engaged in a second round of negotiations to finalize an agreement regarding the avoidance of double taxation and prevention of fiscal evasion.
The double taxation agreement will ensure that no resident of Guyana or Kuwait pays the same taxes twice on remuneration or money which attracts taxation in either country.
The opening ceremony for the Double Taxation Agree-ment (DTA) negotiation was held yesterday at the Ministry of Foreign Trade and Inter-national Cooperation, Main Conference Room, South Road, the Government Infor-mation Agency (GINA) reported.
Present were Permanent Secretary in the ministry and Head of Guyana’s delegation, John Isaacs and Controller of International Treaties of the Ministry of Finance’s Tax Liability Planning Depart-ment of Kuwait, Abdulaziz Al-Sallall who led the Kuwaiti delegation.
Permanent Secretary Isaacs said the first round of talks for the agreement dates back to October 2005 when Guyana and Kuwait initialled the DTA after extensive negotiations which lasted for four days in the country. He noted that on completion of the groundwork both countries had built on the foundation and after discussions an agreement was achieved.
The return of the Kuwaiti delegation to further negotiate the agreement indicates the commitment of both governments to expand and strengthen bilateral ties, Isaacs said.
He also expressed optimism that at the end of the day’s discussions, an agreement would have been reached on the outstanding articles.
“The Double Taxation Agreement I am quite sure would not only augur well for the continued relations which exist between the two countries, but also for the development for our people, the expansion of our bilateral provision programme…and the promotion of economic relations between our two countries,” the Permanent Secre-tary was quoted by GINA as saying.
Meanwhile, head of the Kuwaiti delegation Al-Sallall expressed optimism over the completion of the treaty. “I am sure by finalizing this treaty of double taxation with the final signature of the investment treaty which was signed last January in Kuwait, we hope that those two agreements would help…taxpayers, investors to have a proper environment for investment,” Al-Sallall is quoted by GINA as saying.
Guyana is also a signatory to treaties for prevention of double taxation with other countries, including the United Kingdom (UK), Canada and CARICOM.