Forgot your password?

Back to login

Kuwait to impose 10% corporate tax, 5% VAT
March 29, 2016, 8:21 am

Governments in the Middle East and North Africa are experimenting with new taxation methods in a bid to ratchet up their assets and maintain economic stability, an international tax expert said on Monday. Speaking at a lecture entitled, “New Taxation Developments in Kuwait,”

Tax Advisory Service agent at Ernst & Young (EY) Alok Chugh said that a new law of government-imposed corporate taxes is in the works, adding that he expected the law to be refereed to parliament within months.

Companies will be given a heads-up prior to implementation of the law, he noted. Member of EY’s Kuwait Bureau Waleed Abdulfadheel said that the government seeks to implement corporate and value-added taxes as part of impending economic reforms.

Moreover, Director of Union Investment Companies (UIC) Fadwa Darwish described the lecture as a preparatory measure that would assist the financial market in dealing with a looming Cabinet approved law that would impose a 10% corporate tax, in addition to a 5% value-added tax. In her speech, Darwish also elaborated on the latest developments of taxation laws in the country.

Share your views

"It is hard to fail, but it is worse never to have tried to succeed."

"Envy comes from wanting something that isn't yours. But grief comes from losing something you've already had."

Photo Gallery