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Tag Archives: VAT

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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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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