The Ministry of Commerce and Industry (“MOCI” or “the Ministry”) in Kuwait issued Ministerial Resolution No.4 of 2023 (“the Resolution”) in January 2023 setting out an obligation for the identification of ultimate beneficial owners (“UBO” or “BO”). The Resolution applies to all entities...
The Kuwait Tax Retention Rules is a set of tax obligations introduced to aid in the collection of taxes in Kuwait and is applicable on foreign as well as local companies. Although introduced many years ago, many corporate bodies in Kuwait are either unaware of the applicability of the Kuwait...
Original Content Provided by BDO GlobalPrivacy and data protection legislation continues to evolve across the world. Recent developments, like the EU-U.S. Data Privacy Framework, China PIPL, and the shifting landscape of U.S. privacy laws has organisations of all sizes struggling with staffing...
Original Content Provided by BDO in USABDO explains why ESG assurance is now a competitive imperative for all companies, large and small.
Under the Kuwait tax law and regulations, any income earned from carrying out trade or business in the State of Kuwait, either directly or through an agent, is taxable. An agent is a person or entity authorized by a principal to carry out business or activity on behalf of and for the account of...
2022 has been another year of change in the GCC tax world as the scope and influence of tax continues to develop and evolve across the region.In the UAE, the year has been full of anticipation for the proposed corporate tax, which is due to take effect for financial years commencing on or after 1...
On 8 December the European Commission (“EC”) launched its long-awaited proposals to modernize the VAT rules within the EU collectively known as “VAT in the Digital Age package” (“ViDA”). Please find BDO’s summary of the proposed changes together with our initial comments.
The Kuwait Government submitted its Economic Development Plan for 2023 / 2024 for Parliament’s approval. The Plan proposes a public debt law, VAT and excise tax to finance large infrastructure projects including a top-class economic zone to attract foreign investments.For more information, please...
On 9 November 2022, the OECD published its Peer Review Report for Kuwait with respect to the Exchange of Information on Request (“EOIR”) standard. The review covered the legal and regulatory framework in Kuwait and evaluated Kuwait’s compliance to the requirements of EOIR and wider standards for...