Wednesday , November 22 2017

Tag Archives: VAT

Grilling vowed if VAT implemented – Panel mulls retirement age

MINISTER URGED TO QUIT FOR FAILURE TO LIFT SPORT BAN KUWAIT CITY, Oct 29: The Financial and Economic Affairs Committee in the National Assembly on Sunday discussed a number of items in its agenda. Committee Rapporteur MP Saleh Ashour disclosed the proposed amendment of some provisions of the Social Insurance …

Read More »

Enforcement of VAT system in Kuwait draws mixed reactions – ‘Specific rules, legislations vital to avoid negative consequences’

KUWAIT CITY, Aug 26: Enforcement of the Value Added Tax (VAT) system, which is supposed to start from January 2018 in all GCC countries, has been met with mixed reviews in Kuwait. Many welcome the implementation of such a tax system while others reject it. In this context, a number …

Read More »

‘Implementation of VAT will lead to hike in commodity, service prices’

More steps vital to address structural imbalance: Al-Mulla KUWAIT CITY, Aug 22: The implementation of Value Added Tax (VAT) is like a time bomb quoting a source from the Ministry of Finance. Even if the ministry keeps on stressing that VAT will be implemented by the beginning of 2018, no …

Read More »

VAT, selective tax to bring in KD 600m

KUWAIT CITY, Aug 20: Ministry of Finance Undersecretary Khalifa Hamadah said the annual revenue from value added tax (VAT) and GCC unified selective excise tax is estimated at KD 600 million, which will not completely eliminate the State budget deficit but it will contribute to the promotion of non-oil revenues; …

Read More »

Inserting VAT clauses into current agreements

Over the past year, we’ve heard a lot of criticism and doubt on whether Kuwait would comply with the Unified Agreement for Value Added Tax (VAT) by implementing and enforcing its own VAT law. Recent news has confirmed that Kuwait’s Cabinet has approved a VAT draft law and such draft …

Read More »

MP queries expat ‘hires’

KUWAIT CITY, Aug 16: MP Khalil Al-Saleh has forwarded questions to Finance Minister Anas Al-Saleh about the impact of Value Added Tax (VAT) on citizens. He said the minister was quoted as saying on July 5, 2017 that the Ministry of Finance is studying the impact of VAT prior to …

Read More »

Kuwait may ‘lag’ on VAT

ABU DHABI, Aug 15, (RTRS): The United Arab Emirates and Saudi Arabia will introduce value-added tax next January but other countries in the six-nation Gulf Cooperation Council may do so later in the year, a senior UAE official said on Tuesday. Their state finances pressured by low oil prices, GCC …

Read More »

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 …

Read More »

Areva loss raises ire; VAT assailed – MP asserts mismanagement

KUWAIT CITY, Aug 10: MP Khaled Al-Otaibi has forwarded questions to Finance Minister Anas Al-Saleh about the sale of Kuwait Investment Authority’s (KIA) stake in the French company Areva. He said KIA had earlier announced its plan to leave Areva and sell its 4.8 percent stake to the French government …

Read More »

MPs voice opposition to imposition of VAT – ‘Cut expenses’

KUWAIT CITY, Aug 9: Lawmakers have rejected the Valued Added Tax (VAT) Bill passed recently by the GCC Council of Ministers, indicating they will not follow in the footsteps of their counterparts in other GCC countries as the bill will negatively affect citizens. MP Riyadh Al-Adsani affirmed his objection to …

Read More »
Translate »