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ARTICLE · 11 FEBRUARY 2011

Cyprus- Kuwait Double Taxation Agreement

Elias Neocleous & Co LLC
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Details of the new double tax treaty between Cyprus and Kuwait have now been made public.

CyprusWealth Management
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Details of the new double tax treaty between Cyprus and Kuwait have now been made public. The new treaty, signed on 5 October 2010, will take effect when it has been ratified by both countries. Until then the existing treaty, which dates back to 1984, will continue in effect.

Taxes covered

The range of Kuwaiti taxes covered by the treaty has been significantly expanded and now explicitly includes the contribution to the Kuwait Foundation for Advancement of Science, the Zakat payable under Law 46 of 2006 and the tax payable under the national employee law.

Withholding tax rates

A major benefit of the new treaty is the elimination of withholding tax on dividends and interest. The 1984 treaty provided for a withholding tax of 10%.

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