Thursday , October 19 2017

Tag Archives: VAT

Most companies in GCC states not completely ‘VAT prepared’ – ‘Kuwait withdraws KD 28.575 bln from national reserve’

KUWAIT CITY, July 17: Most of the companies in GCC member states are not completely prepared for implementing Value- Added Tax (VAT) system, reports Al-Shahed daily. According to a new survey conducted by the Association of Chartered Certified Accountants (ACCA), UK in cooperation with Thomson Reuters, there is massive absence …

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Gulf states prep for VAT in time of crisis – Inflationary pressures seen

DUBAI, June 21, (AFP): Oil-rich Gulf countries, which for decades have attracted millions of foreign workers thanks to their reputation as tax-free havens, aim to introduce value-added tax in 2018 to plug budget gaps. On top of administrative and technical hurdles, however, the project now faces an unprecedented diplomatic crisis …

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‘Submit draft of joint agreement on selective tax’

KUWAIT CITY, June 14: Deputy Prime Minister and Minister of Finance, Anas Al-Saleh has urged the concerned bodies to expedite submission of the draft of the joint agreement on selective tax, which was signed by the Gulf Cooperation Council (GCC) member states on October 10 last year, to the Fatwa …

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Kuwait and other GCC countries confirm introduction of VAT

KUWAIT CITY: Kuwait and other GCC countries have confirmed the introduction of the unified Value Added Tax (VAT) framework and selective tax policy with adoption of the domestic legislation, reports Al- Shahed daily. Saudi Arabia has since published the text of the GCC VAT Framework in its Official Gazette, which …

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Tax revenue to see rise as deal on VAT sealed – Retirees encouraged to start businesses

KUWAIT CITY, April 24: Funds of the Tax Department in the Ministry of Finance during Fiscal 2016/2017 exceeded KD 200 million, reports Al-Rai daily quoting an informed source. The source said the department collected KD 175 million as of November 2016, indicating this is a remarkable achievement because the amount …

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Kuwait delays enforcement of selective tax policy until mid-yr – SPC expected to okay newly approved oil strategy

KUWAIT CITY, March 29: Kuwait has decided to postpone enforcement of the selective tax regime until the middle of the current year. It decided to postpone the policy without stating the reasons, although the Ministry of Finance is ready for implementation, reports Al-Seyassah daily. The daily quoting a source noted …

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Kuwait will implement the joint tax agreement by early 2018

KUWAIT CITY: Ministry of Finance settled the controversy concerning the schedule for implementing Value Added Tax (VAT) system, when the Undersecretary of the ministry Khalifa Hamada diminished any possibility for its postponement by affirming that Kuwait will implement the joint tax agreement by early 2018, reports Al- Seyassah daily. Regarding …

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‘VAT revenue for Kuwait at 3 & 5% to equal 0.8 & 1.4% of GDP respectively’ – For effi ciency VAT must be easy to implement: Feaheny

KUWAIT CITY, March 15: The Union of Investment Companies (UIC) in coordination with PwC Kuwait conducted a seminar on the topic of Kuwait taxation updates and global trends at the Kuwait Chamber of Commerce and Industry. The seminar was hosted by PwC country Senior Partner Fouad Douglas, and featured PwC …

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5% GCC VAT on goods, services by 2018 – Preparation for VAT requires immediate action

Executive summary On Jan 30, 2017, the Shura Council in Saudi Arabia announced the approval of the Gulf Cooperation Council (GCC) Value Added Tax (VAT) Framework Agreement. Officials at the Saudi Arabian Ministry of Finance have indicated that the VAT regime will be applicable from Jan 1, 2018, and a …

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MINISTRY TO ENSURE TAX NOT EXPLOITED FOR PRICING – Exemptions possible on GCC VAT

KUWAIT CITY, March 12: Deputy Prime Minister and Minister of Finance said his ministry will study the possibility of exempting some sectors from valued added tax (VAT) because of their importance, when setting up the local tax law. In reply to a query from MP Safa Al-Hashem, Al-Saleh said the …

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