Imf Has Adviced Kuwait To Set A Specific Timeframe Ranging Between 3 To 5 Years For Implementing Vat

The International Monetary Fund (IMF) has advised Kuwait to set a specific timeframe ranging between three to five years for implementing the Value Added Tax (VAT) system, even though most of the Gulf countries indicated interest in implementing VAT by 2018.

The IMF report suggested excluding six sectors from VAT, namely education, health, financial services, real estate, local transport and oil and gas sectors. Meanwhile, Deputy Prime Minister and Minister of Finance Anas Al-Saleh indicated that the economic reform document can be amended based on the tendencies of the State and the interests of citizens.

During a meeting between the ministry’s economic committee and the Kuwait Accountants Society, Al-Saleh said discussions about postponing the enforcement of ten percent tax on the companies and the 5 percent VAT are relevant now, and revealed that they have not been added in the relevant laws yet.

 

SOURCE : ARABTIMES

 

 

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