Kufpec Floats Tender For Vat Collection

Kuwait Foreign Petroleum Exploration Company (KUFPEC) will fl oat a tender for the collection for Value- Added Tax (VAT), reports Al-Nahar daily. The company has specified conditions for entering the tender – the companies that have applied for the tender must have a commercial license and a certificate of accreditation from the tax-issuing bodies as an approved taxreturn recipient as well as the CV of the company.

The applications must be submitted within 30 days. The announcement of the tender comes in light of the government’s move to apply VAT for increasing its non-oil revenues amid the financial reforms that the government is seeking to apply away from oil. Kuwait is expected to receive annual revenues worth KD 600 million if that tax is approved. Ministry of Finance is currently preparing to apply the tax, if approved.

 

SOURCE : ARABTIMES

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