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GCC may apply VAT tax law in 2018-’19

KUWAIT: The Gulf Cooperation Council (GCC) member states are most likely to apply the value-added tax law between 2018 and 2019, an accounting expert said yesterday.

Kuwait, for example, issued a ministerial decree in 2015 obliging financial companies and institutions to comply with the Foreign Account Tax Compliance Act (FATCA) which enforces Americans including those living outside the US to file yearly reports on their non-US financial accounts to the Financial Crimes Enforcement Network (FINCEN), Sharif Shawqi, a partner at PricewaterhouseCoopers/Al-Shatti Co told a VAT conference.

Banks, financial institutions and investment firms which are subject to FATCA are required to file their reports in the current quarter, or the second quarter at most, he said.
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