Latest News
- No Transactions Without Biometrics
- Passenger Caught With Pure Cocaine From Europe
- The Elderly Man Was Not Insulted By Me
- 97% Of MEW Workforce Are Kuwaitis; Strength 34,417
- Rushing Home For 'iftar' Causes Accidents And Deaths
- Expect Hot Days, Cool Nights, And Thunderstorms In Kuwait
- Health Procedures For Expatriates Updated
- Kuwait's Agility Global Seeks Inclusion On Abu Dhabi's ADX
- Public Authority For Industry Completes Industry Law Amendment P...
- Indian Ambassador Hosts Ramadan Celebration In Kuwait
- Al-Mashaan Grants Authority For Transfers Of Municipal Departmen...
- For The Expansion Of The Subiya Site, 204.178 Million Dinars And...
Kuwait And Other Gcc Countries Confirmed The Introduction Of Vat
Kuwait and other GCC countries have confirmed the introduction of the unified Value Added Tax (VAT) framework and selective tax policy with adoption of the domestic legislation, reports Al- Shahed daily.
Saudi Arabia has since published the text of the GCC VAT Framework in its Official Gazette, which will be enforced 15 days after the date of publishing.
Sources added the executive decrees will define activation of the law and specify the type of commodities that will be a focus for taxation. They noted the Gulf countries will enforce two types of tax under the executive legislation, citing VAT and selective tax — the latter will be imposed on harmful commodities such as tobacco and fizzy drinks.
The Gulf countries have agreed that 200 percent tax should be imposed on the importers of tobacco at the borders and calculation will be done according to the cost of import.
Sources explained the initial agreement was to introduce selective tax on fizzy drinks and at least 5 percent VAT on other commodities and services by 2018
SOURCE : ARABTIMES
Trending News
-
MoI Urges Biometric Fingerprinting Compliance Ahea...
21 March 2024
-
5 Days Holiday For Eid Al-Fitr Begins On April 9th
25 March 2024
-
Over 120,000 Expat Offenders Will Benefit From Kuw...
14 March 2024
-
Kuwait Offering Amnesty To Illegal Expats
17 March 2024
-
From April 1 To July 1, Kuwait Grants Amnesty To V...
14 March 2024
-
Kuwaiti Banks Elevate Non-Resident Credit To 4.17...
18 March 2024
-
Central Bank Of Kuwait Provides Banks With New Ba...
20 March 2024
-
Banks In Kuwait Report Robust Profits Despite The...
21 March 2024
-
Kuwait's Clean Energy Journey: Progress And Challe...
23 March 2024
-
Driving Licenses With Smart Technology
25 March 2024
Comments Post Comment