Thursday , December 14 2017

Tag Archives: taxes

Govt unlikely to issue decree of necessity to impose taxes – VAT in hands of Parliament

KUWAIT CITY, Aug 12: There are no indications that government will issue a decree of necessity to impose tax on citizens and expatriates, especially as the Parliament has completely rejected the plan to implement Value Added Tax and Selective Tax system. Sources reaffirmed Government’s committed to Article 134 of the …

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MPs mulling ‘laws’ that will let Kuwait fully benefit from expats – Burning of flags to be criminalized

KUWAIT CITY, June 20: A number of MPs intend to submit draft laws for the country to fully benefit from the expatriates, reports Annahar daily quoting sources. Sources revealed the draft laws include the transfer of expatriate workers, income tax, license to engage in business, medium and long-term residency permits. …

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Expert sees application of VAT law in ’18-’19 – FATCA requirements explained

KUWAIT CITY, May 2, (KUNA): The Gulf Cooperation Council (GCC) member states are most likely to apply the value-added tax law between 2018 and 2019, an accounting expert said on Monday. Kuwait, for example, issued a ministerial decree in 2015 obliging financial companies and institutions to stick to the Foreign …

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Kuwait preps 10% corporate tax, 5% VAT – Law to MPs within months

KUWAIT CITY, March 28, (KUNA): Governments in the Middle East and North Africa are experimenting with new taxation methods in a bid to ratchet up their assets and maintain economic stability, an international tax expert said on Monday. Speaking at a lecture entitled, “New Taxation Developments in Kuwait,” Tax Advisory …

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Kuwait to introduce sales tax in January 2018 – One on reforms

KUWAIT CITY, March 24: Representatives of various economic agencies have recommended increasing public spending in order to boost the economy and activate the role of the private sector in economic activities, says Chairman of the parliamentary Financial and Economic Affairs Committee MP Faisal Al-Shaye. Al-Shaye made the statement after the …

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Govt has no intention to impose taxes on Kuwaiti citizens’ income – Files of nationals working in pvt sector under review

KUWAIT CITY, Jan 23: Minister of Finance and acting Minister of Oil Anas Al-Saleh has affi rmed that the government has no intention to impose taxes on citizens’ income, reports Al-Anba daily. He said the ongoing discussions about the economic crisis are related to tax on net profits of companies, …

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6,000 Kuwaitis ‘face’ sanctions

KUWAIT CITY, Dec 26: The US passports of some 6,000 Kuwaitis, among other 250,000 GCC citizens are vulnerable to sanctions by early next year unless they pay their taxes next month, according to the Foreign Account Taxes Compliance Act (FATCA), reports Al- Shahed daily. As of the beginning of January …

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Pay US taxes, or lose passports

KUWAIT CITY, Dec 22: Jim O’Neill, Vice-President of the American Bureau of Consulting and Audit who is also in charge of international activity was recently quoted as saying the passports of those who have obtained the American citizenship and reside outside the United States might be withdrawn if they fail …

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GCC must ‘impose’ taxes in order to strengthen their fiscal positions

DUBAI, Nov 15: ICAEW members and guests gathered at The Oberoi in Dubai recently (Nov 4) to discuss how fiscal reform will affect businesses in the GCC countries. Panellists included Jeanine Daou, Partner and Head of Indirect Taxes at PwC; Gary Dugan, Managing Director – Global Wealth, CIO and Head …

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