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...
Under the Kuwait Income Tax Decree of 1955, as amended by Law No. 2 of 2008 (“tax law”), all entities (either local or foreign) carrying out trade or business in Kuwait are taxable. However, in practice, the tax law has not been applied to entities incorporated in member states of the Gulf...
The Kuwait Ministry of Finance circulated a proposed law concerning the Exchange of Information for Tax Purposes (“Proposed Law”) during Q2 2021. The Proposed Law aims at improving the existing legal domestic framework for the effective implementation of exchange of information for tax purposes...
On 28 May 2014, the International Accounting Standards Board (IASB) published IFRS 15 Revenue from Contracts with Customers. IFRS 15 sets out a single and comprehensive framework for revenue recognition, which supersedes (IAS 18 Revenue and IAS 11 Construction Contracts) and the accompanied...
For all the important tax news in the GCC, check out our tax newsletter for Quarter 3, 2022. Highlights include the transfer pricing consultation in Saudi Arabia, the VAT inspection campaign in Bahrain, and updates from the UAE, Oman and Kuwait.
Kuwait Signs a Treaty For Avoidance of Double Taxation with UAE: On 30 August 2022, the Ministry of Finance in Kuwait announced that the State of Kuwait has recently signed a treaty for the avoidance of double taxation (“the tax treaty”) with the United Arab Emirates (“UAE”). The tax treaty...
Foreign Property Ownership: A GuideMark Pollock, Director - Tax and Advisory, BDO in AustraliaAs global mobility increases it is becoming common for high net wealth families to own homes in a number of countries, as well as investing in commercial and other real estate outside of their country...
Our Managing Partner Mr. Qais M. Al Nisf shares his insights on the recent changes in the practice of Kuwait tax department when apply the Zakat Law No.46 of 2006 and how this may impact GCC companies doing business in or with Kuwait. The article was published in Kuwait Accountants & Auditors...