Category: Kuwait
Kuwait, Iraq ink several cooperation agreements
KUWAIT: The Kuwaiti-Iraqi joint committee held its seventh session in Kuwait on Sunday under the chairmanship of Deputy Prime Minister and Minister of Foreign Affairs Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah and Iraqi Foreign Minister Dr Mohammad Ali Al-Hakim. The session resulted in the signing of a number of agreements, memorandums… – Continue reading
Banks may declassify expatriate client data
KUWAIT CITY, Jan 13: The Fatwa and Legislation Department has submitted to the Council of Ministers a draft law that allows banks to declassify the data of their customers, as provided by the CRS Convention on Join Reporting, reports Al-Rai daily quoting sources. The Common Reporting Standard (CRS) is an… – Continue reading
CBDT notifies protocol on India-Kuwait double tax avoidance pact
NEW DELHI, MAY 7 The Central Board of Direct Taxes (CBDT) has notified a protocol to amend the existing double taxation avoidance pact (DTAA) between India and Kuwait. The protocol, which was signed on January 15, 2017, was notified on May 4 this year, an official release said. It had… – Continue reading
Remittance tax on agenda – Fee in exchange for providing services to Expats
IMF Section 2 – Article 8 “No member may impose restrictions without the approval of the International Monetary Fund on payments and remittances in respect of current international transactions” KUWAIT CITY, April 15: The thirty-first report of the National Assembly’s Finance and Economic Committee on bills on taxation of expatriate… – Continue reading
Bid to globalize FATCA
KUWAIT CITY, Nov 20: Bankers around the world disclosed there is an international trend to globalize the Foreign Account Tax Compliance Act (FATCA) on foreign accounts of the Americans under the name Global Account Tax Compliance Act (GATCA), so most countries in the world, including Kuwait, can apply it on… – Continue reading
Kuwait eyes increased residence, work permit fees to reduce foreign population
The country could also increase the minimum salary for foreigners to sponsor family members Kuwait’s minister of social affairs and labour has said the country could increase the cost of residence visas and work permits for foreigners as it continues to focus on reducing the expat population. Responding to parliamentary… – Continue reading
FATCA ‘files’ sent off to US
KUWAIT CITY, Oct 7: The Ministry of Finance has sent the first official list of names of Americans and Kuwaitis who also hold the US citizenship to the US Department of Revenue in compliance with the Foreign Account Tax Compliance Act (FATCA) based on agreement signed between the countries, reports… – Continue reading
‘Database’ of 118 local firms compiled so far under FATCA
Finance has no clue about number of people covered KUWAIT CITY, Sept 24: Unconfirmed statistics indicate there are about 13,000 Kuwaitis holding US citizenship and they have the option now to file bank and tax statements and benefit from the tax reconciliation program or make a formal request to the… – Continue reading
Kuwait Signs OECD’s Multilateral Tax Pact
Kuwait became the 110th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on May 5, 2017. The OECD describes the Convention as the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on… – Continue reading
Deloitte licensed to provide FATCA services in Kuwait
The Kuwait Ministry of Finance (MOF) has issued a ministerial resolution announcing that Deloitte & Touche, Al-Wazzan & Co in Kuwait has been certified with the ministry for the provision of Foreign Account Tax Compliance (FATCA) services. FATCA is a US legislation which aims to combat tax evasion by US… – Continue reading
Vizor Software’s Solution for FATCA & AEOI Selected by Government of Kuwait
Ministry of Finance – State of Kuwait recently “went live” with the Vizor Software for FATCA & AEOI solution to meet its FATCA obligations under the terms of its Intergovernmental Agreement (IGA) with the United States of America’s Internal Revenue Service (IRS). Today, Vizor Ltd. announced the Kuwaiti Ministry of… – Continue reading
Kuwait, India amend double taxation agreement
The Kuwaiti Ministry of Finance on Sunday 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 Article two of the agreement, as well as Article 26 on… – Continue reading
DOUBLE TAXATION AGREEMENT BETWEEN SWITZERLAND AND OMAN
MUSCAT -The Double Taxation Agreement (DTA) between Switzerland and Oman aiming to increase economic ties officially came into force last month, according to the Swiss government. Its provisions will be applicable from January 1, 2017, according to the government. The agreement was originally signed on May 22, 2015 before going… – Continue reading
7,000 Kuwaitis with $2.3bn in FATCA reveal
The USA Tax and Financial Consultants Office in the Middle East confirmed that Kuwait has revealed the accounts of about 7,000 Kuwaitis who hold dual citizenship and are covered by the US tax laws according to the Foreign Account Tax Compliance Act (FATCA), reports Al-Anba daily quoting informed sources. Sources… – Continue reading
Armenia eliminates double taxation of property and income with Serbia and Slovakia
The Armenian Parliament has ratified today two agreements to avoid double taxation and prevent tax evasion with respect to taxes on property and income with Serbia and Slovakia. According to Deputy Minister of Finance Armen Hayrapetyan, the document on the mutual avoidance of double taxation on property and income with… – Continue reading
Kuwait inks Int’l treaty to combat tax evasion
The State of Kuwait has joined the Multilateral Competent Authority Agreement for swapping taxation information according to criteria of the Development and Economic Cooperation Organization (OECD), becoming the first Arab country to ink the relevant international treaty. Kuwait Finance Undersecretary Khalifa Hamada said in a statement that he led the… – Continue reading
OECD launches common reporting standard
The Organization for Economic Co-operation and Development (OECD) has launched the Automatic Exchange of Information (AEOI) also known as the common reporting standard (CRS) – a globally co-ordinated approach to disclosure of account information between tax authorities. It follows on from several country’s successful implementation of the US Fatca regulations… – Continue reading
Gulf oil dilemma drives tax reforms to shore up deficits
The oil price slide is driving tax reforms across the region as Arabian Gulf economies seek to shore up a potential US$700 billion deficit. All six Arabian Gulf states are planning to introduce Value Added Tax (VAT) collectively. Various other tax reforms are also underway. The IMF warned in October… – Continue reading
Saudi Arabia third in global ranking for tax payment ease
JEDDAH: Saudi Arabia has maintained third in the global ranking for ease of tax payment, according to the latest release of the Paying Taxes report by the World Bank and PwC. With the least demanding tax framework, well below the world average, the Kingdom has a total tax rate of… – Continue reading
Kuwaitis with US passports must comply with FATCA
KUWAIT: Kuwaiti citizens who possess US passports need to straighten out their US tax status to avoid the penalty of having their US passports scrapped, said Abdulaziz Al-Anjeri, head of the American Tax Bureau in Kuwait. Technically Kuwaitis are barred from holding a second citizenship but many are suspected of… – Continue reading
6,000 Kuwaitis ‘face’ sanctions
KUWAIT CITY, Dec 26: The US passports of some 6,000 Kuwaitis, among other 250,000 GCC citizens are vulnerable to sanctions by early next year unless they pay their taxes next month, according to the Foreign Account Taxes Compliance Act (FATCA), reports Al- Shahed daily. As of the beginning of January… – Continue reading
Pay US taxes, or lose passports
KUWAIT CITY, Dec 22: Jim O’Neill, Vice-President of the American Bureau of Consulting and Audit who is also in charge of international activity was recently quoted as saying the passports of those who have obtained the American citizenship and reside outside the United States might be withdrawn if they fail… – Continue reading
Arab League intent on increasing investments in Brazil
The organization’s new ambassador in the Brazilian capital Brasília claims trade and mutual investment between Arab countries and Brazil can be worked on. São Paulo – Newly appointed to represent the Middle East and North Africa countries in Brazil, the ambassador of the League of Arab States in the national… – Continue reading
Kuwait, Kyrgyzstan sign cooperation agreements
Kuwait and Kyrgyzstan on Sunday signed a host of bilateral agreements and a MoU, covering various fields of cooperation. The signing ceremony, at Bayan Palace, was attended by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, visiting Kyrgyz President Almazbek Atambayev, His Highness the Crown Prince Sheikh Nawaf Al-Ahmad… – Continue reading
Sea-change in landscape of taxation
KUWAIT CITY, Nov 29: “The world of taxation has changed tremendously impacted by FATCA, transfer pricing, Base Erosion and Profit Sharing, and others which require dramatic changes in existing operating models and structures,” remarked Fouad Douglas, PwC Country Senior partner, at a tax seminar organised by the PwC in conjunction… – Continue reading
Protocol amending Agreement between India and Kuwait for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the protocol amending the Agreement between India and Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The Protocol provides for internationally accepted standards… – Continue reading
KUWAIT – BUSINESS PROFITS TAX, PE DETERMINATIONS AND FOREIGN INVESTMENT INCENTIVES
KPMG in Kuwait discusses plans to implement a tax on business profits, changes to the Kuwait tax authority’s (KTA) approach to deemed permanent establishments, and Kuwait’s shift away from tax holidays toward tax credits to attract foreign direct investment. TAXATION OF COMMERCIAL PROFITS Based on recent local media reports1, KPMG… – Continue reading
EY: Broadening the taxable basis across the GCC and MENA
To increase the scope of income tax laws, GCC countries are pursuing tax determinations with significantly broader interpretations of activities or actions that constitute doing business in-country. New concepts like Virtual Service Permanent Establishment and dependent agents are being used in Saudi Arabia and Kuwait to determine taxable presence or… – Continue reading
Poor Oversight Fuels Corruption in Sports Federations – Transparency Int’l
The opaque governance structure of sports federations makes them less accessible to independent oversight and therefore more prone to corruption, the deputy managing director at Transparency International, a global anti-corruption movement, told Sputnik. ST. PETERSBURG (Sputnik) – Earlier this year, separate investigations by US and Swiss prosecutors uncovered deep-rooted corruption… – Continue reading
Kuwait commits to US mandated FATCA law
(MENAFN – Arab Times) The US Foreign Account Tax Compliance Act (FATCA) model has spurred the rise of a global automatic exchange of information, informed Hannah Shipley, Director at Ernst & Young, while speaking about FATCA and its implications during a business panel discussion held at the Kuwait Chamber of… – Continue reading
Tunisia: Belhassen Trabelsi Has Diverted Millions of Dinars Through Offshore and Shell Companies
Tunis, — The process of returning Tunisian property and assets frozen in a number of foreign banks in general and in Switzerland, in particular, has not moved an inch. More than four years have elapsed since the fall of former President Ben Ali without any hope of progress on the… – Continue reading
NBR to sign deal with Bhutan to avoid double taxation
Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take… – Continue reading
Ministers, officials urged to submit financial disclosures – Panel recommends FATCA approval
KUWAIT: The Cabinet has called on ministers and senior officials of state bodies to submit their financial disclosure reports to the Anti-Corruption Authority as soon as possible. The call was made by the Cabinet during its customary weekly meeting held at Bayan Palace yesterday under chairmanship of HH the Prime… – Continue reading
Double taxation pact reflects growing importance of Oman: Swiss envoy
Muscat – H E Christian Winter, Switzerland’s Ambassador to Oman has said that the recently signed Double Taxation Agreement (DTA) between his country and the sultanate reflects the broader ties Switzerland seeks with GCC. “The conclusion of the agreement takes into account the growing economic and political importance of the… – Continue reading
Cabinet approves coop agreements with several countries
KUWAIT, July 13 (KUNA) ¬¬ The cabinet, under the chairmanship of His Highness the Prime Minister Sheikh Jaber Al¬Mubarak Al¬Hamad Al¬Sabah, approved Monday a number of agreements to boost cooperation with several friendly countries. The endorsed agreements included a memorandum of understanding for cooperation in social insurance with Bahraini government,… – Continue reading
Switzerland still a haven for rich and their money
A report released today by the management consulting firm Boston Consulting Group (BCG) shows that Switzerland remains the world’s largest offshore centre. However, Hong Kong and Singapore could pose a challenge in the future. For now, Switzerland stands heads and shoulders above the rest booking over $2.4 trillion in wealth… – Continue reading
Kuwait said to ban remittances to 12 countries
Kuwait working to ban remittances to 12 countries, including Arab states, claiming the locations are being used to funnel funds to terrorists, Arabic daily Al Anbaa has reported, citing a ministerial source. The blacklisted countries include islands known to host offshore accounts of companies that run illegal money laundering businesses,… – Continue reading
UAE Cabinet endorses hosting GCC Police Force
ABU DHABI: The UAE Cabinet has on Sunday endorsed hosting the headquarters of the joint Police Force of the Gulf Co-operation Council (GCC) in Abu Dhabi. By hosting the GCC Police Force, the UAE aims to foster its relations with the other Gulf countries to safeguard the region from any… – Continue reading
Kuwait planning corporate tax
KUWAIT CITY: Kuwait has sought help from the International Monetary Fund (IMF) to introduce corporate taxes in a bid to diversify revenue in the face of falling oil prices, a minister said yesterday. ‘The IMF will prepare a preliminary report on how to impose taxes on companies in Kuwait,’ Commerce… – Continue reading
Offshore investors’ NYC hotel deals to hit $3B in 2015: report
UPDATED, March 16, 4:10 p.m.: Offshore investors are breaking into the hotel market at a rapid rate, and despite what it may seem like from recent headlines, not all are arriving from China. The buyers – many of them hailing from Qatar, Kuwait, Malaysia and Singapore – were involved in… – Continue reading
Bid To Assist US Persons Comply With FATCA
KUWAIT CITY, March 7: Baker Tilly Kuwait for Audit, Tax and Consulting is pleased to announce a new consulting service for individuals with respect to the Foreign Account Tax Compliance Act (FATCA) aiming to assist US citizens and Green Card holders residing in the State of Kuwait to comply with… – Continue reading
TAIB Bank asks for FATCA forms from shareholders who sold to Dubai Financial Group
Bahrain-based TAIB Bank says the final outstanding balance for shareholders who sold 60 per cent or more of their shareholding to Dubai Financial Group at the rate of US$ 2.59 per share during November 2007, has now been received by TAIB. This final escrow balance amount received shall be remitted… – Continue reading
Assembly Approves Development Plans To 2020
Private Sector Key KUWAIT CITY, Feb 11: The Parliament on Wednesday approved the development plan for fiscals 2015/2016 to 2019/2020 in its first and second readings with 33 votes in favor, four against and one abstention. It also approved the 20th report of the Finance and Economic Affairs Committee on… – Continue reading
Bahrain downgraded by S&P to BBB-/A-3 on sharp decline in oil prices
On 9 February 2015, Standard & Poor’s Ratings Services lowered its long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain to ‘BBB-/A-3’ from ‘BBB/A-2’. At the same time, it lowered the long- and short-term foreign and local currency credit ratings on the Central Bank… – Continue reading
U.S. Diplomat: Kuwait is America’s reliable energy partner in medium term
KUWAIT, Nov 8 (KUNA) — Senior commercial officer at the U.S. Embassy Dao Le said that Kuwait is a major partner especially in the field of energy, adding that Kuwait will maintain this position well into the medium term, as there is no other alternative for the US. Therefore, Kuwait… – Continue reading
US-born Kuwaitis liable to pay taxes – FATCA becomes fully implemented by September 2015
(From left) Stephen Ross, Raghad Al-Khudhari, Kristin Konschik and Husain Al- Ghareeb KUWAIT: A child born in the United States, even taken out of the US after an hour or two after birth, is a US citizen and therefore subject to a recent tax law being implemented by the US… – Continue reading
FATCA will oblige local banks to report accounts of US clients – expert
KUWAIT, Oct 15 (KUNA) — The US Foreign Account Tax Compliance Act (FATCA) will help the US put pressure on foreign banks to declare the accounts of their US clients abroad, said a leading Audit firm specialist. Kuwait was one of the first nations to have stepped up and have… – Continue reading
101 Countries Sign Up For FATCA Network
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
BIR order superseding tax treaty riles taxpaying public
Internal Revenue Commissioner Kim Henares has again defied a Supreme Court ruling on the self-executory nature of tax treaties by issuing a circular prescribing additional requirements before privileges granted under a tax treaty may be enjoyed. Henares issued Revenue Memorandum Circular No. 37-2014, announcing the coming into force of the… – Continue reading
