Business

Tax alternative to VAT studied

KUWAIT CITY, Jan 6: Kuwait is preparing to impose a tax system concurrently with the implementation of the Value- Added Tax (VAT) system in other member states of the Gulf Cooperation Council (GCC), reports Al-Anba daily. In this regard, governmental sources said Kuwait might resort to a progressive tax system …

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Oil back on track – Kuwait likely to skip reforms

Oil is definitely on track, provided the Russian- Saudi oil agreement is intact. Both countries will do everything in their power to maintain the oil price at a comfortable level within the range of $60 or higher as long as this does not encourage other non-conventional producers such as Brazil …

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Saudi boosts citizen benefits – New taxes bite

RIYADH, Jan 6, (AFP): Saudi Arabia announced Saturday it had boosted stipends and benefits for citizens to cushion the impact of economic reforms including the kingdom’s first ever taxes after an oil price slump. Most working Saudi Arabians are employed by the state and, like nationals in other energy-flush Gulf …

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1,705 Kuwaiti firms registered at Dubai’s Chamber, says KBC

‘Manufacturing units in Kuwait reduced due to no clear strategies’ KUWAIT CITY, Jan 4, (Agencies): Up to 1,705 Kuwaiti companies are registered at the Dubai Chamber of Commerce and Industry, the Kuwait Business Council (KBC) in Dubai and the Northern Emirates said on Thursday. Kuwaiti employers in Dubai reached 712, …

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Qatar allows full ownership for foreign investors

Bid to boost non-energy revenues DOHA, Jan 4, (AFP): Qatar has approved legislation allowing 100-percent ownership for foreign investors in most sectors of the economy in a bid to boost non-energy revenues, the government said on Thursday. The move comes at a time of political crisis in the Gulf, with …

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Some gold shops in Dubai absorb 5 pct VAT

Some gold shops in Dubai absorb 5 pct VATv DUBAI, Jan 4: Effective January 1 this year, buyers of gold and diamond jewellery in the UAE are supposed to pay a 5 per cent value added tax (VAT), but it looks like some of them won’t have to pay for …

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KNPC asks for detailed study on local fuel market

CTC approves oil ministry’s Boston Group deal KUWAIT CITY, Jan 3: The local marketing sector of Kuwait National Petroleum Company (KNPC) has requested for a detailed study on the local fuel market covering the subsidiaries of KNPC and private sector companies such as Al-Zour and Al-Oula fuel companies following the …

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KOC floats tenders for offshore oil exploration – Boost in gas production eyed

KUWAIT CITY, Jan 3: Kuwait Oil Company (KOC) in an unprecedented move has floated tenders for offshore oil explorations, reports Al-Anba daily. The daily quoting informed sources explained that contracts are expected to be signed in the second half of 2018 for implementation of the project. He explained the internal …

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Qatar merger creates state-owned gas giant – Move to save $545mn yearly in cost

DOHA, Jan 3, (AFP): Qatar said Wednesday that the two state-owned firms running the country’s natural gas business had merged in a move aimed at cutting costs and creating a global energy giant. Qatargas and RasGas, operators of the wealthy emirate’s liquefied natural gas (LNG) industry, were merged under the …

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Kuwait after recession, returns as best performing market in the Gulf

306,030 people work in public sector: CSC KUWAIT CITY, Jan 2: A report from the research unit of Kuwait Financial Center — Markaz indicates that Kuwait, after the recession period in the Kuwaiti financial market, has returned in the forefront as the best performing market in the Gulf region, achieving …

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