Tuesday , February 20 2018

Tag Archives: VAT

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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Some gold shops in Dubai absorb 5 pct VAT

Some gold shops in Dubai absorb 5 pct VATv DUBAI, Jan 4: Effective January 1 this year, buyers of gold and diamond jewellery in the UAE are supposed to pay a 5 per cent value added tax (VAT), but it looks like some of them won’t have to pay for …

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Saudi Arabia, UAE implement VAT -Kuwait awaits Assembly nod … may wait until 2019

DUBAI, Jan 1, (Agencies): Saudi Arabia and the United Arab Emirates introduced value- added tax from Monday, a first for the Gulf which has long prided itself on its tax-free, cradle- to-grave welfare system. Saudi Arabia compounded the New Year blow for motorists with an unannounced hike of up to …

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Kuwait seen to delay implementation of VAT – ‘Not ready’

KUWAIT CITY, Dec 27: There are indications that the Ministry of Finance will postpone to an indefinite date the enforcement of the Value Added Tax (VAT), reports Al-Rai daily quoting reliable sources. The sources pointed out, the postponement is due to lack of technical and logistic readiness and the method …

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‘Kuwait obliged to implement VAT latest by 2018 end’

Kuwait’s reform strategy adopted to counter falling oil prices hailed KUWAIT CITY, Dec 19: Vice-President of World Bank for Middle East and North Africa Dr Hafez Ghanem stated Kuwait has recorded significant progress through its economic and financial reform strategy adopted in the last three years to counter the falling …

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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 …

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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 …

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‘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 …

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