This chapter contains an overview of the tax framework under which local and foreign investors operate, including a look at the value-added tax being rolled out in Kuwait and across the GCC, a rundown of the remittance, excise and corporate taxes in place and an outline of the tax incentives and credits under the new investment law.…
The tax environment in Kuwait and in the rest of the Middle East and North Africa region is different from the rest of the world. Taxation in Kuwait consists primarily of corporate income tax, which is governed by Decree No 3 of 1955 as amended by Law No 2 of 2008. The law does not impose taxes on income earned by individuals, whether they are Kuwaiti or foreign nationals. Kuwaiti financial…
A. OVERVIEW: A number of taxation regulations and related laws are applicable to foreign entities doing business in Kuwait and include: • Corporate Income Tax (CIT) Decree No 3 of 1955 as amended by Law No 2 of 2008; • Zakat Law No 46 of 2006; • Contribution to the Kuwait Foundation for the Advancement of Sciences (KFAS); • National Labour Support Tax No 19 of 2000, which regards…
This chapter, written in conjunction PKF Bouresli, provides a detailed review of the rules and regulations that are applicable to foreign entities doing business in Kuwait. This chapter also contains an interview with Tariq M Bouresli, Managing Partner, PKF Bouresli.…
STRUCTURES USED BY FOREIGN COMPANIES: Foreign entities have the option of carrying out business in Kuwait in one of the following ways: • Through a limited liability company (WLL); • Through a Kuwait shareholding company (KSC); • Through a joint venture; • Under the sponsorship of a registered Kuwaiti merchant (Kuwaiti agent); and • Under foreign direct investment (FDI)…
The 2008 financial crisis has caused regulators and investors to call into question the purpose and value of the traditional statutory audit. Partially as a consequence of this, major investigations are under way around the world into the regulation and structure of the audit profession. Commentators have tended to look at the issues surrounding financial reporting and those related to auditing…
