Tuesday , August 21 2018

Tag Archives: VAT

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 …

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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 …

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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 …

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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 …

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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 …

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Cabinet nods to GCC unified VAT & Excise Tax draft bills

KUWAIT CITY, Aug 7, (KUNA): The Kuwaiti Cabinet on Monday called on local mass media to live up to their due national responsibilities by helping in protecting and safeguarding national unity. The call came during the Cabinet’s routine weekly meeting held at Bayan Palace under chairmanship of His Highness the …

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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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