Doha, May 30 (QNA) - The State of Qatar and the Kingdom of Saudi Arabia have signed an agreement on the avoidance of double taxation, particularly taxes on income, and the prevention as well as avoidance of tax evasion.

The agreement was signed by HE Minister of Finance, Ali bin Ahmed Al Kuwari, and Minister of Finance of the Kingdom of Saudi Arabia Mohammed bin Abdullah Al-Jadaan.

Commenting on the deal, HE Ali bin Ahmed Al Kuwari emphasized the importance of this agreement and its effective role, pointing that it would contribute to supporting international transparency standards through the exchange of documented financial information, within the framework of both countries' efforts to strengthen coordination and cooperation in tax matters and economic relations." For his part, HE Mohammed bin Abdullah Al-Jadaan affirmed that the agreement is part of efforts to enhance legislative coordination between the Kingdom of Saudi Arabia and the State of Qatar, contributing to encouraging trade exchange between the two countries and attracting more investments to the region.

The agreement aims to establish tax treaties between the two countries to eliminate all cases of double taxation, in addition to promoting commercial cooperation and expanding investment opportunities for both governmental bodies and individuals, while simultaneously combating tax evasion and supporting neutrality and equity of individuals.

(QNA)