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Kuwait readies for new tax schemes

KUWAIT: Governments in the Middle East and North Africa are experimenting with new taxation methods in a bid to ratchet up their assets and maintain economic stability, an international tax expert said yesterday. Speaking at a lecture entitled, “New Taxation Developments in Kuwait,” Tax Advisory Service agent at Ernst Young (EY) Alok Chugh said that a new law of governmentimposed corporate taxes is in the works, adding that he expected the law to be refereed to parliament within months. Companies will be given a heads-up prior to implementation of the law, he noted.

Member of EY’s Kuwait Bureau Waleed Abdulfadheel said that the government seeks to implement corporate and value-added taxes as part of impending economic reforms. Moreover, Director of Union Investment Companies (UIC) Fadwa Darwish described the lecture as a preparatory measure that would assist the financial market in dealing with a looming Cabinet approved law that would impose a 10 percent corporate tax, in addition to a 5 percent value- added tax. In her speech, Darwish also elaborated on the latest developments of taxation laws in the country. — KUNA

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