Tax Management System Bid Extended

The Central Agency for Public Tenders (CAPT) has decided to extend for a period of 30 days the financial bids for the Ministry of Finance’s to supply, install and operate the Integrated Tax Management System (ITAS) for a further study, and asked the Ministry to complete the sets documents where discrepancies are found.

The sources told Al-Anba 7 local companies have applied, while the project will be awarded soon after obtaining the approval of the regulatory authorities.

The sources the Ministry of Finance aims to introduce the advanced tax system in Kuwait, as the bidder is expected to have experience in developing and installing an integrated tax management system in line with other global countries and should have consultants in the development and implementation experience since the Ministry of Finance aims to fully operate the system within the ministry.

The Ministry of Finance is looking for a tax system that has been widely applied and known worldwide and proven to be technically successful, and no program or system that is developed and built internally will be accepted.

The sources stated that the integrated tax system will depend on bringing in expertise from abroad, especially in the project, which is the first of its kind in Kuwait, noting that tax expertise in Kuwait is very poor, and the most appropriate and expected option is outsourcing.

It should be noted that the Ministry of Finance imposed some conditions in the program, which is that it should have the ability to absorb about 20,000 tax transactions at one time.

The sources indicated that the laws that will be implemented and monitored through the new system are: Income Tax Decree and Income Tax Law in the Designated Region No. 23 of 1961 and Law No. 19 of 2000 regarding supporting national labor and encouraging it to work in non-governmental entities and Law No. 46 of 2006 regarding Zakat and corporate contributions.

 

 

SOURCE  TIMESKUWAIT

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