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Thursday , October 22 2020

Kuwait seen to delay implementation of VAT – ‘Not ready’

MPs trying to catch the eye of the Speaker during Wednesday’s ordinary National Assembly meeting

KUWAIT CITY, Dec 27: There are indications that the Ministry of Finance will postpone to an indefinite date the enforcement of the Value Added Tax (VAT), reports Al-Rai daily quoting reliable sources.

The sources pointed out, the postponement is due to lack of technical and logistic readiness and the method of calculating the VAT.

Moreover, the Parliament also has yet to discuss the issue. Meanwhile, news agencies said Oman has postponed the enforcement of the 50 percent VAT to 2019 instead of 2018 as had been planned earlier.

According to some observers, the decision is not in favor of Oman as it affects the efforts exerted by Muscat to confront the bad economic situation faced by Oman because of the deteriorating oil prices.

The GCC countries had earlier agreed to enforce the VAT at the beginning of 2018 and Saudi Arabia and the United Arab Emirates are expected to stick to their plans while other GCC countries are approaching the issue slowly.

Meanwhile, news coming from Bahrain said Manama is expected to enforce the VAT by July 2018. A source from the Qatari Ministry of Finance told Reuters that it is likely that Qatar will enforce the VAT in the last quarter of 2018. The source pointed out, the government of Qatar has not set a specific date for the enforcement of the VAT and it is not inserted in the 2018 budget

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