Kuwait: Cabinet has approved the draft laws regarding the GCC unified selective excise tax and VAT

Kuwait’s Cabinet has approved the draft laws regarding the GCC unified selective excise tax and VAT. The drafts have been referred to the National Assembly for their consideration. The selective tax will be levied at 100% on tobacco and energy drinks and 50% on soft drinks. The draft bill includes a fine of up to 4000 Dinars for taxpayers who fail to comply with the tax rules. Those who report people who don’t comply will be rewarded. VAT will be introduced across the GCC on 1 January 2018 at 5%.

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