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Monday , February 24 2020

Mechanism eyed for tax exemption

KUWAIT CITY, March 17: Director-General of the Board of Kuwait’s Direct Investment Promotion Authority (KDIPA) Sheikh Dr Mishaal Al Jaber said the authority is cooperating with the Ministry of Finance regarding the mechanism of tax exemption for foreign investors, reports Al-Jarida daily.

He told the daily the authority is following up the cooperation with the Ministry of Finance on the implementation of the tax exemption mechanism, especially that all the procedures that come in coordination and after the approval of the tax administration of the financial sector because they are responsible for the tax in Kuwait according to the rules and regulations developed by the department.

He added the tax exemption is one of the advantages offered to attract the foreign investor, in addition to a set of guarantees and other benefits such as customs exemptions and the right of the investor to establish a 100 percent owned company and freedom of movement of funds. He pointed out that the Investment KDIPA is coordinating with all government agencies in various fields to achieve the desired objectives and facilitate the business environment in Kuwait, and also cooperate with the Ministry of Commerce and Industry regarding the one window.

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