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Tag Archives: tax

AUDIT BUREAU CALLS FOR IMPOSITION OF NEW TAXES

KUWAIT CITY, Nov 9: The Audit Bureau (AB) has called on the government to impose new taxes to increase the non-oil revenues by amending the tax laws to reform the state’s tax system saying an increase in non-oil revenues is the only way to remedy the budget deficit in light …

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Ministry of Finance starts applying tax retention on all contracts – ‘Provide tax certificates’

KUWAIT CITY, Oct 12: Ministry of Finance has started applying tax retention on all contracts obliging each establishment to comply by retaining 5 percent of the payment due to contractors or subcontractors, as well as payment related to a contract or subcontract or services until valid tax clearance certificates are …

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Finance preps selective tax on tobacco, energy drinks

50% to 100% taxation rate on some commodities KUWAIT CITY, July 13: Ministry of Finance has prepared a bill for implementation of selective tax on some commodities such as tobacco, and energy and soft drinks, reports Al-Qabas daily. This draft law is in line with the agreement among the Gulf …

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‘Dangerous effects’ on State Treasury if taxes are imposed

Need to cut state expenditures: Al-Bader KUWAIT CITY, July 12: Member of the Supreme Council for Planning and Development and former board chairman of the Gulf Bank Ali Rashid Al-Bader insists that imposing taxes will have dangerous consequences on the State Treasury, as Kuwaiti economy is relatively small and the …

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Saudi Arabia impose ‘tax’ on expats

RIYADH, July 6, (AFP): Saudi Arabia on Thursday said it had begun taxing foreigners working in the private sector as part of fiscal reforms aimed at coping with a drop in oil revenues. Long a tax-free haven for expatriates, the Saudi economy was dealt a serious blow in 2014 when …

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‘Submit draft of joint agreement on selective tax’

KUWAIT CITY, June 14: Deputy Prime Minister and Minister of Finance, Anas Al-Saleh has urged the concerned bodies to expedite submission of the draft of the joint agreement on selective tax, which was signed by the Gulf Cooperation Council (GCC) member states on October 10 last year, to the Fatwa …

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PM won’t rule out tax hikes – Gladiator battle looms in tightest election seat

LONDON, April 22, (Agencies): British Prime Minister Theresa May refused on Saturday to rule out an increase in personal taxes if she wins a June 8 election after her finance minister said fiscal pledges had limited his ability to manage the economy. May and her chancellor, Philip Hammond, were forced …

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‘Bank to collect business tax details of clients’

KUWAIT CITY, April 2: Kuwaiti banks have decided to collect the registered individual and business tax details of their clients, covering interest, profits, deposits and revenue generated through the sale of assets throughout the period the beneficiary has lived outside his home country, reports Al-Qabas daily. The daily quoting a …

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Kuwait delays enforcement of selective tax policy until mid-yr – SPC expected to okay newly approved oil strategy

KUWAIT CITY, March 29: Kuwait has decided to postpone enforcement of the selective tax regime until the middle of the current year. It decided to postpone the policy without stating the reasons, although the Ministry of Finance is ready for implementation, reports Al-Seyassah daily. The daily quoting a source noted …

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