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. It includes the introduction of significant penalties for failure to comply with the Proposed Law and the Common Reporting Standards (“CRS”). BDO has prepared an alert covering key aspects of the Proposed Law and associated implications for businesses in Kuwait. We hope you find this alert useful and informative.