Call For Major Changes In Tax And Economic Environment In Kuwait
Category: Kuwait
Immigrate to Canada or Australia
Study In Abroad

The Managing Partner of Ernst & Young, Kuwait, Walid Al-Osaimi has stressed the importance of considering the major changes in the tax and economic environment at the local and international levels in the GCC countries, and the impact on the results of the companies in charge of business in Kuwait, reports Al-Anba daily.

Speaking at a symposium organized by the Ernst & Young Co, in which 100 senior executives representing regional and international companies operating in Kuwait, as well as senior officials from the Ministry of Finance took part, Al-Osaimi said the development of taxes and regulatory environment and its impact on Kuwaiti companies emphasizes the need for an in depth analysis of the impact of tax base erosion and the transfer of profits to multinational conglomerates.

“Kuwait’s delay or non-implementation of VAT and selective taxation is a missed opportunity for the state budget,” said Walid Abdul-Fadil, acting partner for the taxation sector at Ernst & Young, Kuwait.

“Every year, it loses about 850 million dinars. He stressed Kuwait resorting to the application of the tax system is no longer an option, but it is imperative because it is one of the mechanisms of financial reform required to accelerate in order to diversify sources of revenue in the state budget in light of uncontrollable oil price fluctuations.

He added the tax rate in the value added is 5%, which exempts the necessities and basics of daily life, which limit the impact of the tax, especially on low-income people. He pointed out that the benefits of applying the tax are not limited to the revenues of the state, but will push towards a new economic model of Kuwait that contributes to maintaining the sustainability of public finances, not to mention the financing of tax receipts for government- funded services, which will raise the level of quality.

Taxation has already become a core strategic business issue, and regional and international companies should take the necessary steps to be prepared to deal with the ongoing evolution of the tax and regulatory environment while continuing to comply with tax and transparency laws and regulations, say sources.

Ahmed Al Desouki, an international tax expert and tax partner at the Ernst & Young, Kuwait, said tax authorities and multinational companies in the Middle East and North Africa (MENA) region are receiving more focus on new tariff results under the Seventh Action on Preventing Corrosion of the Tax Container and Conversion.



06 Dec, 2018 0 189
Posted Comments
Popular News
Police Arrested A Kuwaiti For Shooting A Filipino Female Who Is Working In A Hawally Cafe Kuwait City June 22nd 2019 - Police Arrested Kuwaiti for Shooting a Filipino Famale Who was Working in Cafe in Hawally with a airpressure gun, reports Annahar daily. Without going into the details or ... June 22, 2019 0 5707 Category: Filipinos
Kuwaiti Employers Son Beats Filipino House Maid After Accusing Of Theft KUWAIT CITY, June 24: Filipina household service worker, Jessielyn Española whose case went viral recently on social media site Facebook is seeking justice for the severe beating that she alleg... June 24, 2019 1 4249 Category: Filipinos
Kuwait Airways Flight Wing Hit Bridge In Nice Airport France June 25th - Kuwait Airways said Monday one of its aircraft experienced an accident after landing in airport in #French city of #Nice, but on one was hurt. It added in a statement the left wing... June 25, 2019 1 1997 Category: Kuwait
Image Of Drowned Father Daughter At US Mexico Border Reminds Aylan Kurdi This photograph invokes terror, shock, anger and sadness at the same time and reminds us of the dangers migrants face in attempting to cross US borders. It is the face of nameless, lost lifeless bodie... June 26, 2019 0 1772 Category: International
Filipina Beauty Queen Dies At 31 Filipina beauty queen April Love Jordan passed away after she succumed to liver cancer. She was 31. Philippine showbiz news site, reported that Jordan — Miss World Philippines runner-u... June 26, 2019 0 1632 Category: Filipinos
Woman Falls Asleep On Flight And Wakes Up In Dark, Empty, Locked Plane We've heard of many 'lucky' passengers--like this Lithuanian man who got an entire Boeing 737 to himself and a Scottish woman who had a whole commercial flight to herself--who have enjoyed... June 23, 2019 0 1532 Category: General
Kuwait Condemns Bomb Attack In Iraq's Baghdad His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah on Saturday addressed a cable of condolences to Iraqi President Barham Saleh and Prime Minister Dr Khaled Abdulmahdi on the victims of the... June 23, 2019 0 1497 Category: Kuwait
Strict Control to Change of Profession For Expatriate Workers At the onset of 2020 the Public Authority for Manpower (PAM) is determined to stamp out trafficking in residence permits and will go after people who take advantage of loopholes to recruit expatriates... June 26, 2019 0 1304 Category: Expats
21 Indians Arrested For Illegal Demonstration In Malia Against a Incidence of Raping a 9 year old Baby in Telnagana India 21 Indians arrested for organizing illegal rally in Malia, Kuwait City, on Friday. The arrested are from Telangana state. According to report, on Friday The arrested are from Telangana state. ... June 23, 2019 0 1178 Category: Crime News
Working In Company Without Contract I am working in a private sector company in Kuwait. I joined the company by signing an offer letter which states that my job contract is for a specific period of three years. After one year they offer... June 25, 2019 0 1041 Category: Legal
View All
Popular Offers
half-price-deals in kuwait
Half Price Deals
grand-hyper-offers in kuwait
Grand Hyper Offers
big-sale-nesto-hypermarket in kuwait
Big Sale Nesto Hyper...
weekly-offers- in kuwait
Weekly Offers
olive-weekend-delights in kuwait
Olive Weekend Deligh...
Popular Events
05 Jul, 2019
Category : Other
27 Jun, 2019
Category : Sports & Fitness
05 Jul, 2019
Category : Music
12 Jul, 2019
Category : Entertainment
21 Jun, 2019
Category : Other
Kuwait Local News
Kuwait News
Crime News New Rules Entertainment
Immigrate to Canada or Australia
Study In Abroad