Tax & Accountancy
From The Report: Kuwait 2019
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After years of abundant public spending, GCC economies experienced a direct hit on their fiscal balances caused by the 2014 fall in oil prices. As such, Kuwait is following the regional trend of pursuing economic and fiscal reform programmes. Multiple government-led initiatives seek to support economic diversification, strengthen the private sector’s contribution to the economy and help keep the deficit under control. In this vein, the last few years have seen the authorities take positive steps towards sustainable development and economic growth by reducing bureaucracy and speeding up administrative processes, amending existing regulations and ratifying a number of new laws. This chapter contains an interview with Alok Chugh, Partner, Government and Public Sector Leader MENA, EY.

Articles from this Chapter

Overview

New rules: Tax reforms aimed at shoring up the post-oil economy
OBG
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After years of abundant public spending, GCC economies experienced a direct hit on their fiscal balances caused by the 2014 fall in oil prices. As such, Kuwait is following the regional trend of pursuing economic and fiscal reform programmes. Multiple government-led initiatives seek to support economic diversification, strengthen the private sector’s contribution to the economy and help keep the deficit under control. In this vein, the last few years have seen the authorities take positive…

Interview

Changing landscape: Alok Chugh, Partner, Government and Public Sector Leader MENA, EY, on international and local reforms
OBG
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Interview:Alok Chugh What steps is Kuwait taking to engage in new international tax regulations and practices? ALOK CHUGH: Tax authorities from various jurisdictions have introduced regulations for customer tax transparency and to curb tax avoidance, such as the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). FATCA promotes tax compliance by implementing an international standard for the automatic exchange of information (AEOI) related to US taxpayers,…