Kuwait To Start Implementing Value Added Tax Soon

Kuwait will start preparing to impose value added tax (VAT) within six months and Ernst and Young (EY) is currently in talks with the finance ministry to provide consultancy services for the project, local media reported.

EY is the tax advisor on VAT for GCC states and that the new tax would be in effect by the beginning of 2018, with educational and banking services and basic foodstuff exempted. As per report, the VAT value would not exceed 5 percent and that it would be imposed on major companies and exempt small ones.

 

SOURCE : IIK

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