KUWAIT CITY, Sept 28: A committee formed by the Finance Ministry will start meeting next week to draft a law on business tax, reports Al-Seyassah daily quoting sources.
Sources revealed the committee will refer its report to the office of the finance minister to issue the law before the year ends in order to implement it starting from April 2016 such that tax will be collected by the end of fiscal 2016/2017.
Sources said the committee will consider the opinions of a number of authorities like the Kuwait Chamber of Commerce and Industry, Investment Companies Union and Economic Society in drafting the bill.
Sources pointed out the International Monetary Fund (IMF) excluded the investment real estate sector in its report, indicating it is one of the most important sectors in terms of imposing tax since its annual net profits are more than some other companies listed on the bourse although the sector is not classified under joint companies. Sources added a number of top businessmen called the attention of the IMF delegation regarding this point, so the committee will take it into consideration in drafting the bill to impose tax on investment buildings.
Meanwhile, Ministry of Social Affairs and Labor Undersecretary Dr Mutar Al-Mutairi has confirmed the formation of a technical committee tasked to respond to the remarks of the State Audit Bureau on the technical project in the Social Welfare Homes Complex, reports Al-Rai daily.
Speaking during his visit to the complex recently, Al-Mutairi revealed the committee consists of the best engineers in the ministry and they have responded to the remarks of the bureau with clarity and transparency.
He said the ministry will take the necessary action against those who committed violations, if any. He added the complex includes 11 administrations and there is a plan to develop the entire complex in a bid to better serve its wards.
He clarified his visit to the complex is an annual custom to celebrate Eid holidays with the wards, stressing it is a good opportunity to meet all those residing in the complex to address their problems.
KUWAIT CITY: The Ministry of Social Affairs and Labor is expected to close two wedding halls in Hawally for various violations, reports Al-Rai daily quoting sources.
Sources said Minister of Social Affairs and Labor and State Minister for Planning and Development Hind Al-Subaih will endorse the decision to close the wedding halls according to the report of the committee tasked to inspect such venues.
Sources attributed the delayed implementation of the decision to the time required in ensuring all violations are recorded and verified, confirming the ministry does not hesitate in taking measures against those proven to have violated regulations.