GCC may apply VAT tax law in 2018-'19 | kuwaittimes

GCC may apply VAT tax law in 2018-'19

May 03, 2016 | 01:05 a.m EDT

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.

Saudi women get copy

of marriage contracts

May 03, 2016 01:05 AM

Opinion

Long-term multiple entry Schengen visa for GCC countries

Opinion

War, peace and unity

Educating for tomorrow: Addressing AI challenges

The rapid and widespread development of technology has led to the emergence of a generation that struggles to keep pace with the latest advancements in science. In the past, illiteracy and ignorance were primarily defined by the inability to read an...

Where is Kuwait’s beauty?

The measure of success for strategic plans lies in active participation in the implementation process. Conversely, centralization signifies failure. In Kuwait, we have six governorates, each delineated by clear boundaries marked by signs in the stre...