--------- AMP -----------
Thursday , November 15 2018

Tag Archives: VAT

Bahrain MPs nod to draft VAT law

DUBAI, Oct 7, (RTRS): Bahraini legislators approved a draft law on Sunday that would see value-added tax (VAT) imposed for the first time in the kingdom, state news agency BNA reported. The House of Representatives approved a Gulf Arab agreement to introduce VAT after a royal decree ordered parliament to …

Read More »

KUFPEC floats tender for VAT collection

KUWAIT CITY, Aug 19: Kuwait Foreign Petroleum Exploration Company (KUFPEC) will fl oat a tender for the collection for Value- Added Tax (VAT), reports Al-Nahar daily. The company has specified conditions for entering the tender – the companies that have applied for the tender must have a commercial license and …

Read More »

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 …

Read More »

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 …

Read More »

‘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 …

Read More »

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 …

Read More »

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 …

Read More »

‘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 …

Read More »

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 …

Read More »

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 …

Read More »
Translate »