Pakistan, Kuwait formalises MOU on avoidance of double taxation
Pakistan and Kuwait have agreed to formalise Memorandum of Understandings (MoUs) for collaboration in various areas. During the 5th Session of the Pakistan-Kuwait Joint Ministerial Commission; held from 28 – 30 May, 2024, in Kuwait; both
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Kuwait joins the inclusive framework on BEPS
On 15 November 2023, the Organization for Economic Cooperation and Development (OECD) announced that Kuwait joined the inclusive framework on Base Erosion and Profit Shifting (BEPS). Through its membership, Kuwait has also committed to
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Kuwait set to implement corporate income tax for all entities
According to a recent report, the Kuwaiti government is planning to broaden the scope of corporate income tax to include all entities in Kuwait at a rate of 15%, except for small enterprises. Currently, the CIT is 15% for foreign companies carrying
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IMF Report Suggests Tax Reforms for Kuwait
On 23 August 2023 the IMF issued a report following discussions with Kuwait under Article IV of the IMF’s articles of agreement. Kuwait’s economy has continued to recover with non-oil GDP growth estimated to be 3.4% in 2021, buoyed by a
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Kuwait: IMF Report Recommends Implementation of VAT and Excise Taxes
On 5 June 2023 the IMF published a report following consultations with Kuwait under Article IV of the IMF’s articles of agreement. Kuwait’s economy has begun to recover after the pandemic with economic growth estimated at 8.2% in 2022 as a
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Kuwait: Ministry of Finance introduces sampling basis tax inspection process
On 2 April 223, the Kuwait Ministry of Finance published Ministerial Resolution No. 24 of 2023 in the Official Gazette introducing a new tax inspection process. At present, the Ministry of Finance has subjected each tax declaration filed by a
See MoreTurkey, Kuwait signs an amending protocol to DTA
The amending protocol of Double Taxation Agreement (DTA) between Kuwait and Turkey was signed On September 14, 2017, for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, in
See MoreKuwait approves protocol to DTA with Brunei
On 7 August 2017, the Kuwaiti cabinet approved the amending protocol of Double Taxation Agreement (DTA) with
See MoreBangladesh approves DTA with Kuwait
On 19 June 2017, the cabinet of Bangladesh approved the Double Taxation Agreement (DTA) with Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreUK: Economic relationship with GCC through PPP
On 19 April 2017, Dr Liam Fox, the International Trade Secretary of UK opened the UK-GCC Public Private Partnership (PPP) conference to show how UK expertise can maximize the innovation of both public and private sectors to transform their
See MoreProtocol to a treaty between India and Kuwait signed
The Kuwaiti Ministry of Finance on 15 January 2017, signed a protocol with India amending the agreement between the two countries to avoid double taxation on income and to prevent tax evasion. The protocol amends the types of Kuwaiti taxes in
See MoreThe 9th Round of China-GCC FTA Negotiation Concluded
On December 19 to 21, the 9th Round of China-GCC Free Trade Agreement (FTA) negotiation was held in Riyadh, Saudi Arabia. Wang Shouwen, Vice Chinese Minister of Commerce and Al-Bazai, General Coordinator for GCC FTA Negotiations and the Vice
See MoreKuwait: IMF comments on economic and fiscal position
On 21 September 2015 IMF staff issued a report under Article IV of their articles of agreement following consultations in Kuwait. The recent drop in oil prices has adversely affected the economy and has slowed growth. Non-oil sector growth slowed
See MoreKuwait and Lithuania: Income Tax Treaty Approved
A pending income tax treaty with Lithuania was approved by Kuwait’s National Assembly on January 27, 2015. Both countries apply the credit method to eliminate double taxation. Under the treaty, dividends are taxable at a maximum rate of 5% if the
See MoreIncome Tax Treaty between Kuwait and Lithuania
The Kuwait and Lithuania income tax treaty was signed on April 18, 2013.The treaty will enter into force after both countries exchange ratification instruments. The requirements of the treaty will apply from 1st January, 2015 after the agreement
See MoreUS: Treasury Department republishes list of boycott countries that result in restriction of US tax benefits
The list of countries that requires cooperation with, or participation in, an international boycott as a condition of doing business has been republished by the US Treasury Department. The countries listed are Iraq, Kuwait, Lebanon, Libya, Qatar,
See MoreKuwait-Slovak Republic DTT details
Details of the Kuwait - Slovak Republic Income Tax Treaty (2012) have become available which was signed on November 13, 2012. The treaty was in the Slovak, Arabic and English languages. It generally follows the UN Model (2001). Based on the treaty,
See MoreHong Kong DTAs with Qatar, Canada, Kuwait, Jersey, and Mexico
The double taxation agreements (DTAs) that Hong Kong has signed with Qatar, Canada, Kuwait, Jersey, and Mexico are to take effect in Hong Kong from April 1,
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