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Kuwait may take 4 years to introduce personal taxes

Finance Kuwait City 15 May 21
Kuwait may take 4 years to introduce personal taxes
Kuwait may take 4 years to introduce personal taxes. Political gridlock and a lack of expertise hinder government plans
Fee
Event Location
Kuwait , Kuwait
Area
Kuwait City
Start Time
15 May 2021, 12:00 AM
End Time
31 May 2021, 12:00 AM
Website

There are currently no direct taxes on citizens in Kuwait, but companies pay about 4.5 percent of their net profits, including zakat and labor support and a contribution to the Foundation for the Advancement of Sciences.

For introduction of personal tax in Kuwait, It may take 3 to 4 years as political gridlock and a lack of local expertise are holding up plans, Alrai newspaper reported on Wednesday, citing unnamed sources.

Kuwait’s parliament has pushed back the implementation date several times but the International Monetary Fund said last year that it expects it to be introduced by 2022.

In June 2016, all six GCC states signed the Common VAT Agreement, pledging to introduce a 5 percent VAT rate.

Oman introduced a 5 percent value-added tax (VAT) on April 16, the fourth Gulf Cooperation Council country to implement a so-called consumption tax.

They followed the UAE, Saudi Arabia and Bahrain. Qatar is expected to go ahead with VAT in the second or third quarter of this year and is said to be close to finalizing its tax administration system, Dhareeba.

Kuwait financial news 2021Kuwait personal tax



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