Monday , October 23 2017

Tag Archives: VAT

VAT possible in early 2018

DOHA, Qatar, Feb 7, (AP): Qatar’s finance minister says a new unified value-added tax across the Gulf Arab countries could come into effect as early as next year as the oil-rich region searches for new sources of revenue. Ali Sherif al-Emadi told reporters Tuesday that all six members of the …

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VAT? … Over my dead body: Al Hashem

KUWAIT CITY, Jan 2: MP Waleed Al-Tabtabaei has warned that he will grill Health Minister Jamal Al-Harbi if Jaber Hospital does not start operating within six months, indicating Education Minister Mohammed Al-Faris will face the same fate if he fails to push for the operation of Al-Shadadiya University within the …

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‘GCC VAT expected to produce over $25b revenues per annual’

DUBAI, Dec 12: The adoption of value added tax (VAT) by the GCC countries represents a major shift in tax policy that will impact all segments of the economy and lead to a fundamental change in the way businesses operate across around the region. According to EY, the VAT of …

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‘VAT implementation will lead to higher inflation’

KUWAIT CITY, Dec 7: In this week’s Arab times online poll, readers weighed in on the implications of Value Added Tax in Kuwait with the majority of respondents expressing fears of its inflationary effect on the economy. VAT is a form of indirect tax collected at various stages of production- …

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Finance Ministry shelves VAT – Policy will be applicable starting from early 2020

KUWAIT CITY, Nov 29: Ministry of Finance has postponed the implementation of value added tax (VAT) on consumable services to conduct further studies in that concern, especially as some members of the Economic Committee have voiced out the need to exempt some consumable items from the policy, reports Al-Shahed daily. …

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Tax Dept to increase staff – Implementing VAT regime

KUWAIT CITY, Nov 28: Tax Department in the Ministry of Finance will increase its staff two-fold the current number from around 300 to 600 as Kuwait is on the verge of implementing the valued added tax (VAT) regime in line with an agreement reached by the GCC countries, reports Al-Nahar …

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Need to tackle hurdles, become ‘VAT-ready’ by the end of 2017 – ‘Tough times ahead for businesses in Kuwait’

KUWAIT CITY, Nov 21: Businesses in Kuwait need to take on the challenges of implementation in order to become ‘VAT-ready’ in 14 months, Ernst & Young (Al Aiban, Al Osaimi and Partners) officials urged at a conference held at the JW Marriott Hotel on Monday morning, that looked at the …

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Kuwait retains 6th place among world’s best tax environments – 10th in MENA for ease of doing business

LONDON, Nov 8: As its domestic and international businesses await major regulatory change with the introduction of VAT from January 2018, Kuwait has retained its sixth-place ranking as one of the world’s most tax-friendly business environments in this year’s World Bank Doing Business report. While the country also records a …

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Gulf must gear up for taxes – Companies prepare plans for VAT, Excise Tax

DUBAI, UAE, June 19: The GCC Ministers of Finance held an extraordinary meeting on Thursday June 16 in Jeddah and approved in principle the Value Added Tax (VAT) and Excise Tax treaties. Some administrative matters still need to be resolved, notably with regards to the tax collection mechanism related to …

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GCC nod to VAT, tax proposals – Start 2018

JEDDAH, June 17, (KUNA): The GCC finance ministers discussed and approved on Thursday the proposals to impose the valueadded tax (VAT) and the selective tax, during the 104th extraordinary meeting of the GCC Financial and Economic Cooperation Committee. In a statement Friday, Bahrain’s Finance Minister Sheikh Ahmad bin Mohammed al-Khalifa, …

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