Ministry of Finance postpones preparations towards ‘enforcing’ VAT

Wednesday, March 21, 2018

Ministry of Finance has postponed the preparations for enforcement of Value Added Tax (VAT) until it is approved by the National Assembly.

Al-Qabas reported that according to Ministry of Finance, the current situation is not favorable for the implementation of VAT within a short period.

Ministry of Finance is not sure that the law related to enforcement of VAT will be passed by the parliament due to which the ministry took the abovementioned decision.

Preparations for VAT implementation require a large amount of money especially for preparing the accounting systems and appointing tens of new employees as well as organizing a number of training courses for the current employees.

They affirmed that continuing the abovementioned procedures for readiness to implement VAT will be useless and just a waste of money if the parliament continues to stick to its current stance in rejecting the enforcement of VAT due to its negative impacts on citizens.

The sources indicated that, even if the VAT law is approved this year, VAT will not be implemented before 2020, as Ministry of Finance has to be technically and administratively prepared, which will take at least one year.

Express your comment on this article

 
Sunny
Wednesday, March 21, 2018

Good move and hope Kuwait Government will not implement even after 2020 even if Saudi or UAE insists.

Bajrangi Bhai
Wednesday, March 21, 2018
God bless Finance Ministry. By 2020 all expats will be deported by Interior so VAT will be paid by .....

Observer
Tuesday, March 20, 2018
Very good decision, VAT is not meant for a country like Kuwait.

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