This week the spotlight is on legal and regulatory developments in Kuwait where the Finance Ministry has announced it has established a special committee to implement VAT in the country. PricewaterhouseCoopers have also confirmed their officials helped the Ministry draft the VAT Law. Together with PWC, the Investment Companies Union has invited all relevant parties to a conference on Problems and Best Practices on Implementing VAT. At the conference, the Taxation and Planning Manager at the Finance Ministry Osama Al-Qassar said VAT will be introduced after a six to twelve month grace adjustment period. The Ministry has also met with various sectors to get their suggestions and opinions on the proposed legislation.
Elsewhere, the country’s Manpower Authority and the Residency Directorate of the Interior Ministry have announced absconders will be able to legalise their status. Alternatively they can leave the country without paying any fines. The offer of legalisation applies to those who entered the country between 3 January 2016 and 22 April 2018. Some exemptions will be made for citizens’ spouses and children and foreign founding partners of companies.