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

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 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


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

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

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


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

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

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