Signing of a Significant Economic Agreement Between Qatar and Saudi Arabia

The State of Qatar and the Kingdom of Saudi Arabia have signed an agreement regarding the avoidance of double taxation, particularly concerning income taxes, as well as preventing tax evasion and avoidance. The agreement was signed by Finance Minister Ali bin Ahmed Al Kuwari representing the Qatari side, and Finance Minister Mohammed bin Abdullah Al Jadaan representing the Saudi side. Al Kuwari emphasized the importance of this agreement and its effective role, stating, "The agreement will contribute to supporting international transparency standards through the exchange of documented financial information, within the framework of the two countries' commitment to strengthening coordination and cooperation in tax matters and economic relations." For his part, Al Jadaan affirmed that the agreement is part of efforts to enhance legislative coordination between Saudi Arabia and Qatar, which will contribute to encouraging trade exchange between the two countries and attracting investments to the region. The agreement aims to establish tax treaties between the two countries in order to eliminate all instances of double taxation, in addition to enhancing commercial cooperation and expanding investment opportunities for both government entities and individuals, while simultaneously combating tax evasion and promoting neutrality and equity in the treatment of individuals.