Tag Archives: VAT

Kuwait expected to delay VAT to 2021

DUBAI, May 15, (RTRS): Kuwait will not implement value-added tax before 2021 but will push ahead with introducing excise tax, Parliament’s budget committee said in a statement posted on the Assembly’s website on Tuesday. “The committee said implementation of value-added tax in Kuwait will be postponed until 2021, and that …

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VAT seen finalized in next Assembly term

Expat cuts public, governmental demand, says MP KUWAIT CITY, May 14: Reducing the number of expatriates in the country has become a public and governmental demand due to the lack of jobs for Kuwaitis, says Chairman of the parliamentary Job Replacement and Employment Crisis Committee MP Khalil Al-Saleh. While pointing …

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‘State Treasury expects to make $2b following application of VAT’

KD 20m of MoH’s budget to be spent towards contracts, deals KUWAIT CITY, May 13: The State Treasury expects to make $2 billion following the application of the value-added tax (VAT), reports Al-Rai daily quoting sources from the Ministry of Finance. The sources pointed out the ministry has estimated its …

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Tax everyone, says Kuwait Chamber for Commerce – VAT, Income Tax, Zakat Tax to be implemented shortly

KUWAIT CITY, April 2: The present stance of the government related to imposing taxes on remittances of expatriates gives it an opportunity to approve or dismiss the tax system.  They revealed that the government has not yet adopted a firm opinion regarding this matter. According to legal sources, the laws …

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Finance postpones preps towards ‘enforcing’ VAT

Approval of National Assembly awaited KUWAIT CITY, March 20: Ministry of Finance has postponed the preparations for enforcement of Value Added Tax (VAT) until it is approved by the National Assembly, reports Al-Qabas daily quoting informed sources. They explained that the current situation is not favorable for the implementation of …

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‘Kuwait lacks VAT setting’ – Local conditions not business-friendly: Al-Badr

KUWAIT CITY, March 13: Implementation of the tax system requires a rich business environment that provides sufficient tax revenues, but this environment does not exist in the country, reports Annahar daily quoting Supreme Council for Planning Member and former Board Chairman of Gulf Bank Ali Rashid Al-Badr. Speaking to the …

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Saudi January inflation jumps to 3.0 pct on VAT, gasoline price hike

DUBAI, Feb 25 (Reuters) – Saudi Arabia’s annual consumer price inflation rate jumped to 3.0 percent in January after the government introduced a 5 percent value-added tax and hiked domestic gasoline prices, official data showed on Sunday. The statistics agency changed the base year for the consumer price index to …

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VAT may delay over year

KUWAIT CITY, Feb 18: “Kuwait, Qatar, Bahrain and Oman will need more time than expected for implementing the GCC agreement to introduce Value Added Tax, even though Saudi Arabia and the United Arab Emirates have already implemented the tax”, says the Deputy Director of Financial Affairs Department at International Monetary …

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Accurate accounting records critical for accurate VAT: Chitty – Expert highlights importance of financial and record keeping discipline amongst accountants

KUWAIT CITY, Jan 20: Like everything else in life financial auditing is subjected to change. Development of standards that promotes transparency, accuracy and reliability. Financial audits exist to add credibility to the implied assertion by an organization’s management that its financial statements fairly represent the organization’s position and performance, and …

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Tax alternative to VAT studied

KUWAIT CITY, Jan 6: Kuwait is preparing to impose a tax system concurrently with the implementation of the Value- Added Tax (VAT) system in other member states of the Gulf Cooperation Council (GCC), reports Al-Anba daily. In this regard, governmental sources said Kuwait might resort to a progressive tax system …

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