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Double taxation avoidance for raising investments: the double taxation avoidance is one way to promote the economic collaboration between two countries in the trade of goods and services and joint investments.

Macedonia signed an agreement on double taxation avoidance and protection of investments with Kuwait. The agreement was signed in Skopje by Finance Minister Zoran Stavreski and the Ambassador of Kuwait, Abdullah Al-Duwaikh.

Minister Stavreski said the agreement afforded an opportunity for setting foot on the markets of the Arab world and for raising investments from Kuwait in Macedonia. Areas in which investments and cooperation may be expected are real estate, tourism, agribusiness, water export and realization of other infrastructure projects within the framework of Kuwait's 5-year plan of more than 135 billion dollars.

According to Ambassador Al-Duwaikh, Macedonia's real estate business, tourism and agriculture are attractive to the companies from Kuwait. Minister Stavreski and the ambassador discussed also establishing contacts between companies over export of water from Macedonia to Kuwait, considering water is a deficient product in Kuwait, as well as other infrastructure projects. The Ambassador of Kuwait said that an additional impetus to promote the cooperation between the two countries, apart from the signed agreement, is the Macedonian prime minister's coming visit to Kuwait. He added that there was a strong connection between the two countries from the past. Macedonia's building firms worked on projects in Kuwait and have opportunities now to participate in other areas too. Ambassador Al-Duwaikh said the opening of embassies in Skopje and Kuwait is going to open up a number of channels of cooperation between the two countries.


According to data from the Agency for Foreign Investments and Export Promotion of the Republic of Macedonia, Macedonia has signed Double Taxation Avoidance agreements with Austria, Albania, Arab Republic of Egypt, Belarus, Bulgaria, Denmark, Islamic Republic of Iran, Estonia, Ireland, Italy, Qatar, People's Republic of China, Latvia, Lithuania, Moldova, Great Britain and Northern Ireland, Poland, Romania, Russia, Slovak Republic, Slovenia, Serbia, Montenegro, the Federal Republic of Germany, Taiwan-China, Turkey, Ukraine, Hungary, Finland, France, the Netherlands, Croatia, the Czech Republic, Switzerland, Sweden and Spain. Such agreements are to be signed with the Kingdom of Belgium and Bosnia and Herzegovina, while negotiations are held with Kuwait and the Republic of Ireland. We have signed bilateral agreements on mutual promotion and protection of investments with Albania, Austria, Belgium, Bosnia and Herzegovina, China, Croatia, Bulgaria, the Czech Republic, the Democratic People's Republic of Korea, Finland, France, Germany, Hungary, India, Italy, Malaysia, the Netherlands, Poland, Romania, Russia, Serbia, Slovenia, Spain, Sweden, Switzerland, Turkey and Ukraine.

The agreements with Egypt, Iran and Belarus are in process of ratification while negotiations are held with Greece, Great Britain, Uzbekistan, Denmark, Oman, Slovakia and Kuwait. The double taxation avoidance is one way to promote the economic collaboration between two countries in the trade of goods and services and joint investments. For this reason, Macedonia's Economic Chamber requires such agreements with all countries it maintains significant trade exchange and who are the biggest investors - Greece, Kosovo, USA. Out of all the EU member-states that Macedonia realizes a more significant trade exchange, Belgium is the one country we have not yet signed a double taxation avoidance agreement with. In the framework of CEFTA, except for Kosovo, the double taxation has not been regulated with Bosnia and Herzegovina while the protection of investments is not regulated with Moldova. The regulation of this matter with Libya, Iraq and Israel is of special importance for the trade but also for the investments and services as the regulation of protection of investments with Qatar and Kuwait.
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Publication:Macedonian Business Monthly
Geographic Code:4EXMA
Date:Mar 1, 2012
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