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KUWAIT: National Assembly Speaker Marzouq Al-Ghanem and Minister of Commerce and Industry Khaled Al-Roudhan tour the Kuwait Business Center (KBC) yesterday. —KUNA
KUWAIT: National Assembly Speaker Marzouq Al-Ghanem and Minister of Commerce and Industry Khaled Al-Roudhan tour the Kuwait Business Center (KBC) yesterday. —KUNA

Speaker lauds cutting red tape on KBC tour

KUWAIT: BDO Al Nisf & Partners hosted a tax seminar on January 29, 2025, to help corporates navigate tax and regulatory changes. Over 150 professionals from various companies, along with representatives from the Ministry of Finance and Kuwait Direct Investment Promotion Authority, attended. BDO Managing Partner Mr. Qais Mohamed Al Nisf opened the seminar, highlighting that tax changes in Kuwait are part of broader economic reforms aimed at supporting a more diversified, sustainable economy in line with Kuwait Vision.

BDO Tax Partner Mr. Rami Alhadhrami provided an overview of the latest tax updates in the GCC. He highlighted the introduction of the Domestic Minimum Top-Up (DMTT) Tax for MNEs in Kuwait, aligning with the Global Pillar Two tax reforms. This tax will apply to MNEs with annual revenues of €750m or more. He also emphasized the need to prepare for upcoming tax changes, including a business profit tax for all companies and potential excise tax.

The conference also hosted an engaging panel discussions with participation from Mr Sunny Bhatia Group CFO of KIPCO, Mr Ahmed Barakat Partner at ASAR law firm and Ms Nathalie Bravo from BDO Netherlands.

Mr. Frederik Boulogne, Partner of International Tax Services at BDO Netherlands, explained the tax and its impact on commercial operations in Kuwait. He stressed the need for companies to conduct studies to assess their liability under the new tax law.

Mr. Ketan Puri, Senior Manager at BDO Kuwait, explained that the new DMTT Law for MNEs in Kuwait requires compliance with the Arm’s Length Principle, marking a key shift toward global best practices to prevent tax evasion.

Lastly, Mr. Jinu George, Senior Manager at BDO Kuwait, provided an overview of excise tax in the GCC, noting that it is expected to be applied soon in Kuwait to products like including tobacco, electronic cigarettes (vapes), energy drinks, and sweetened beverages.

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