Kuwait to start implementing VAT soon

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Kuwait to start implementing VAT soon

Tuesday, November 1, 2016

Kuwait will start preparing to impose value added tax (VAT) within six months and Ernst and Young (EY) is currently in talks with the finance ministry to provide consultancy services for the project, local media reported.

EY is the tax advisor on VAT for GCC states and that the new tax would be in effect by the beginning of 2018, with educational and banking services and basic foodstuff exempted.

As per report, the VAT value would not exceed 5 percent and that it would be imposed on major companies and exempt small ones.

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Alaina Thursday, November 3, 2016 What are we getting in return for these Taxes?? Nothing... No human rights No justice No citizenship
Leo Wednesday, November 2, 2016 E&Y needs to be taxed first. They are a major consultant or they will be conveniently exempted?
Santosh Wednesday, November 2, 2016 Then the markets and sellers should also have the printed maximum retail price (MRP) for all items available to allow proper economic protection of the consumers in the nation.
Ushma Sindhi Tuesday, November 1, 2016 We all Indians are not worried as our PM Modi has promised acche din.
Humanist Tuesday, November 1, 2016 Electricity and water bills, VAT, Increased fuel prices, soaring rents, sad public transport with worse connectivity. 2017 will be a tough year to adapt to changes for expats.
laiila Tuesday, November 1, 2016 When it is going to be imposed in 2018 than why declare now. Pls keep this discussion secret till you finalize it. Bringing it in open will effect the country economy.
CLB Tuesday, November 1, 2016 Very true..Mr Azad.. Where is all the money that was collected as health insurance and the traffic voilation fines? Daily new rules to ruin the country..
Tipsy Tuesday, November 1, 2016 If you feel, the country is trying to reduce the Expats, why dont u leave. Stop the Cribbing and go along with the rules. No one has any issues when they raise petrol prices in India. If you feel, you can earn the same money in India and pay less taxes etc, why stay here and complain. When the country is going through a bad phase, try supporting it rather than complain.
Bajuwale Tuesday, November 1, 2016 Once the VAT is imposed -Locals ki VAT lag jani hae
Saalna Tuesday, November 1, 2016 shocking news !!!!
Azad Tuesday, November 1, 2016 a country which used to be the richest once upon a time, and was still one of the richest with so much of oil reserves and surplus money till recent years.. now have to survive on taxes and by taking away benifits from workers and from hard earned expat remittances.. u had all these money for all these years and wat did u do with it all.. oil prices dipped for a few months and u goin bankrupt? this shows the inefficiency in running a country which has much lesser population than mostly all states in India and with so much of money for all these years.. shame on u authorities !!
Observer Tuesday, November 1, 2016 Another wake-up call for expats to pack-up and leave this country. Due to decrease in oil price, Kuwait will become just like any other country in the world with all sorts of taxes kicking-in. Once upon a time a country free of any taxes and open free market to do any kind of business will be over soon. Goodbye to tax-free Kuwait.
John Monday, October 31, 2016 Bye Bye Kuwait ... Kuwait Authority is trying different methods to reduce the Expatriates. First they tried to push out expats by checking and all. Then they realized that 90 % are legal. Now they changed the trick, let the expats leave the Kuwait them selfs by imposing all these rules. NB: all the news rules in Kuwait is already practicing by western countries, but they pay good for skilled and unskilled workers (in UK almost same salary for Nurses and a Bus driver)
Mithun Monday, October 31, 2016 How come you publish as "EY is the tax advisor on VAT for GCC states". It is only one of the private firms who provides this services. There are many better firms as well.

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