UPDATE ON EXCHANGE OF INFORMATION FOR TAX PURPOSES
20 November 2022
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 exchange of information for tax purposes. As per the Report, several deficiencies were found in Kuwait’s legal system that restrict the jurisdiction from being able to effectively comply with the standards for exchange of information for tax purposes. Kuwait has been given a period of time to address the limitations in its legal framework, and implement the recommendations issued, to enable it to fully comply with the EOIR standard.
Read more here on our “BDO Kuwait – Update on Exchange of Information on Request standard” tax alert!