Riyadh: Kuwaiti Minister of Finance Nora AL-Fassam and her Saudi counterpart Mohammad Al-Jadaan signed an agreement on Wednesday aimed at avoiding double taxation and enhancing investment cooperation during the third edition of the "Zakat, Tax, and Customs" conference held in Riyadh. According to Kuwait News Agency, the agreement seeks to encourage investments by easing taxation and creating equal opportunities for investors. The third edition of the conference commenced under the theme "Shaping the Future for a Sustainable Economy and Enhanced Security," with participation from Kuwaiti Minister of Finance and Minister of State for Economic Affairs and Investment, Engineer Noora Al-Fusam, along with officials and experts from around the world. In his speech at the conference, organized by the Zakat, Tax, and Customs Authority in Saudi Arabia and continuing until December 5, Saudi Minister of Finance Mohammad Al-Jadaan emphasized the conference's role in enhancing international cooperation to address tax and customs challenges. This cooperation aims to support economic growth and exchange expertise to help achieve economic recovery. Al-Jadaan highlighted that Saudi Arabia has made significant progress in achieving the initiatives and goals of Saudi Vision 2030, with the Zakat, Tax, and Customs Authority playing an active role in meeting these targets. He mentioned that the Authority achieved a 99.35% score in the United Nations Digital Government Index due to the development of its digital services and the implementation of more than 350 requirements according to this index. Governor of the Zakat, Tax, and Customs Authority, Suhail Abanmi, stated that the Authority aims, through this conference, to strengthen local, regional, and international efforts toward building advanced zakat, tax, and customs systems. These systems contribute to enhancing global economic growth and addressing security and economic challenges. Abanmi noted that the conference will focus on several topics, including the role of zakat as a fundamental pillar for building cooperative societies. Tax and customs policies and discussions will also receive special attention during the conference. The first day of the conference features a series of panel discussions with ministers, experts, and leaders, alongside a concurrent exhibition involving about 90 local, regional, and international entities. Additionally, over 70 workshops are scheduled, and several agreements and memorandums of understanding will be signed.
