Value Added Tax on all items by end of 2018

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Value Added Tax on all items by end of 2018

Value Added Tax on all items by end of 2018

Since Saudi Arabia and UAE started implementing the VAT system by January 2018, as per the framework of the GCC Agreement concerning the unified tax regime, Kuwait is obliged to implement VAT system latest by Dec 2018, expert opined.

Kuwait is obliged to implement Value Added Tax (VAT) system latest by the end of 2018, international expert affirmed. The source based this affirmation on the framework of the GCC Agreement concerning the unified tax regime, especially as it will be in January

Meanwhile Kuwait Assembly agreed to refer a draft law on value-added tax (VAT) to the financial and economic affairs committee from the legal committee to study the contents of the law, which is part of the GCC agreement. The VAT law stipulates imposing a five percent tax on almost all products to raise non-oil revenues.