Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Workshop discusses Kuwaiti tax policies  Join our daily free Newsletter

MENAFN - Arab Times - 17/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab Times) According to experts at the recent Ernst & Young Tax Workshop 2012, held at JW Marriott, new developments in the region are impacting the local taxation environment.

The current challenges in Kuwaiti tax policies, FATCA, the Offset program and the evolving taxation landscape in relation to international tax laws and regulations were discussed in a series of sessions at the workshop. Presided by Waleed Al Osaimi, Office Managing Partner, Kuwait, Tobias Lintvelt, Partner, Tax, Ernst & Young MENA and Alok Chugh, Partner, Tax, Ernst & Young Kuwait, the workshop was attended by more than 100 participants from leading companies including those involved in large government projects, banks and financial institutions.

Al Osaimi, said: "The taxation market is rapidly evolving. These changes demonstrate Kuwait's commitment to the creation of a level playing field for businesses and the enhancement of investor friendly policies to protect the business community."

The technical workshop by Alok Chugh offered an overview of the laws and practices of Kuwaiti Corporate Income Tax, Zakat and National Labour Support Tax (NLST) and the taxation of foreign companies engaged in trade or business in the Partitioned Neutral Zone between Kuwait and Saudi Arabia. The session dealt with changes in tax regulations and the Ministry of Finance's (MOF's) practices and their impact on foreign brand owners selling through distributors in Kuwait and the enforcement of 5% tax retentions in Kuwait. References were made to the roadshows being conducted by the MOF to increase awareness amongst the Kuwaiti business community.

Implementation
The workshop featured a session on the process of withholding tax (WHT) on dividends paid by companies listed on the Kuwait Stock Exchange (KSE). During the discussions on VAT, it was highlighted that the MOF had formed a task force to study VAT and is currently working on implementation of VAT in Kuwait in line with other GCC countries.
Alok was assisted in his sessions by a panel consisting of Kula Kulaseelan and Tuhin Chaturvedi, Executive Directors, Ahmed Eldessouky, Executive Manager and Waleed Abdulfadeel, Senior Manager, Ernst & Young Kuwait.
The second session on Global Compliance and Reporting (GCR) by Chris Kealy, Partner and Global Leader for GCR at Ernst & Young, highlighted the need for efficient tax planning for companies with global operations and having a model that is both flexible and scalable.
Sereen S. Al Tharban, Manager Local Opportunities Division and Lana O Al- Ayyar, Manager Foreign Obligations Department, (National Offset Company) also discussed the concept and practices of the Offset Program in Kuwait. They were joined by Alok Chugh in their discussions and the question and answer session.


Ian Wheldon, Executive Manager, led the discussion on tax treaties and the need for efficient tax planning for companies having cross border operations. Amal Eldrissi, Manager in International Tax Services (ITS), Ernst & Young Kuwait and Alok Chugh took part in the discussions.
A session on transfer pricing was also presented by Seema Sharma, MENA Leader, Transfer Pricing on how tax authorities in the Middle East are becoming more sophisticated and transfer pricing issues more prevalent.
The last technical session focused on FATCA - the US tax law designed to prevent US tax-payers from avoiding tax and concealing their assets from the Internal Revenue Service (IRS). It was presented by David Watts, Senior Manager, IT Advisory & Financial Services, Ernst & Young Europe, Middle East, India and Africa, who shared his insights and statistics on the level of tax abuse by US citizens living outside the US.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help