Kuwait Archives - Page 32 of 33 - LexisNexis Middle East

Weekly Spotlight: Special VAT Committee Estabilished in Kuwait

13/05/201811/12/2019
by Benjamin Filaferro

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.

Expired Kuwait Legal Conference 2018 – All you need to know on VAT & bankruptcy laws in the GCC

25/04/201811/12/2019
by Benjamin Filaferro

We're sorry, but all tickets sales have ended because the event is expired.

Kuwait Business Law Forum
08/05/2018
8:30 AM - 1:00 PM

Organized by

Al-Yaqout Legal Group

Kuwait: Visa Changes for Expatriate Engineers

24/03/201811/12/2019
by Benjamin Filaferro

Kuwait’s Public Authority for Manpower has announced it has signed an agreement with the Kuwait Engineers Society which will see visa changes for expatriate engineers introduced. Under the agreement, expatriate engineers will not be able to renew their work permits without a No Objection Certificate (NOC) from the Kuwait Society of Engineers. All engineers will be given a NOC certificate after they have passed a competence test regardless of when they entered the country and how many years they have worked.

News developments

Kuwait: New Requirements for Vehicle Registration

03/03/201811/12/2019
by Benjamin Filaferro

From 17 June 2018, vehicles in Kuwait will have to meet a new requirement to get their registration issued or renewed. The General Manager of the General Authority for Environment, Dr Mohammed Alahmad made the announcement. In addition to other inspection requirements, vehicles will have to pass an environmental test which means they should meet the environmental standards.

News developments

Kuwait: Central Bank is studying the implications of Bitcoin in the country

14/01/201811/12/2019
by Benjamin Filaferro

Kuwait’s Commerce and Industry Ministry and the country’s Central Bank of Kuwait are studying the implications of Bitcoin in the country. According to local newspaper reports, they discussed the market to reach a decision on the currency which is currently unregulated. Commerce and Industry Ministry officials also disclosed they have been monitoring the ads of local companies which promote Bitcoin dealing, following several companies posting social media ads to open trading accounts in return for commission.

News developments

Kuwait: Deportations For Traffic Offences

30/12/201711/12/2019
by Benjamin Filaferro

According to a report on Kuwaiti TV, it has been stated Kuwait will deport any foreigner caught for a second time not wearing their seat belt or using a cell phone while driving. Articles within the Kuwaiti Traffic Law give the interior minister the right to deport those who do not comply with public order and break the laws. Kuwait has recently stiffened penalties against traffic violations including impounding cars for months if motorists are caught not wearing seat belts or using their cell phones while driving or parking in prohibited areas. (Although, following an initial spate of activity this week it was stated the changes would be taken more slowly.) Critics have warned deportations for these reasons could lead to equivalent steps being taken in other countries against Kuwaitis who break traffic laws abroad.

Expired Kuwait Business Law Forum 2017

30/10/201711/12/2019
by Benjamin Filaferro

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Kuwait Business Law Forum
27/11/2017
8:30 AM - 7:00 PM

Organized by

1st Edition in Kuwait! – 27 NOVEMBER 2017 Register Here LexisNexis, the world leading global provider of legal information, is pleased to host, with the support of Al Yaqout Legal Group, and the Association of Corporate Counsel of Middle East, its 1st legal event for the legal community in Kuwait. The 1st Kuwait Business Law Forum (more…)

News developments

Kuwaiti bourse is set to change the limits for trading shares in one transaction

25/09/201711/12/2019
by Benjamin Filaferro

Sources have suggested the Kuwaiti bourse is set to change the limits for trading shares in one transaction whether it is buying or selling by removing the maximum limit of five million shares in one transaction. The aim is to improve the environment for investment companies. Under the amendments, there will not be a limit on the number of shares which can be bought or sold in one transaction as long as the number of traded shares does not exceed 5% of the company’s capital in the Bourse. The amount of shares bought by an investor must also not trigger the need to request an obligatory request offer for purchase under Kuwait Law No. 7/2010 as amended.

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