Latest News
- Kuwait Ministry Of Health Unveils 2024 National Anti-Smoking Pro...
- The Kuwait University Council Will Discuss AI Policy Adoption
- The Customs Union Has Halted Sit-in, Waiting For Further Develop...
- Experience Scattered Rain And Thunderstorms AheadI In Kuwait
- The Ministry Simplifies The Payment Process For 'Your Fear Is Th...
- Kuwait Oil Company Explores Renewable Energy And Green Hydrogen...
- Kuwait's Model Houses Stay The Same Height
- Service Commission's Haphazard Structure Hits Public Sector Job...
- 11 Establishments Were Closed Down For Violating Industrial Laws
- A Massive Campaign Is Underway To Raze Encroachments
- Expat Arrested For Role In Money-laundering
- AstraZeneca Admits Covid Vaccine Can Cause Rare Side Effect
Country Retains 6th Place Among World's Best Tax Environments
As its domestic and international businesses await major regulatory change with the introduction of VAT from January 2018, Kuwait has retained its sixth-place ranking as one of the world’s most tax-friendly business environments in this year’s World Bank Doing Business report. While the country also records a good performance in terms of its overall business environment — ranked in 10th place among the 20 MENA countries covered in the report — specific aspects of its tax environment place it far ahead of its regional peers.
The report shows countries in the MENA region spending an average 208.2 hours per year in meeting their tax compliance obligations: in Kuwait, the average is 98. The country’s total tax take of 13 percent is also highly competitive against the MENA average of 32.2 percent and the OECD high-income average of 40.9 percent.
Now in its 14th year, the World Bank Doing Business Report assesses regulations affecting domestic firms in 190 economies, ranking each on the basis of 11 criteria impacting the ease of doing business in any jurisdiction. Russell Bedford member firms have contributed to the report’s Paying Taxes survey since 2009, collating data on tax regulation, recent reforms and the comparative compliance burdens on entrepreneurs and businesses worldwide.
Managing Partner Bader Al Abduljader commented: “As Kuwait prepares for a game-changing reform of its tax regime with the introduction of VAT from 2018, it is encouraging to see the fundamentals of the country’s tax environment rightly recognised as among the most competitive in the world.”
SOURCE : ARABTIMES
Trending News
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Work Permits Will Be Issued For One Year Under The...
27 April 2024
-
Ministry Announces Separate Time For Amnesty Seeke...
21 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
-
The Ministry Connects With Violators Of Residency...
23 April 2024
Comments Post Comment