Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 7/24/2013

Kuwait - Companies to file reports, after annual tax declarations 

July 24: The Kuwait Tax Authority issued guidance (Circular No. 1 of 2013) requiring companies to submit reports in connection with their annual tax declarations.

The report is:


  • To be submitted to the Kuwait Tax Authority within three months of filing the tax declaration
  • To provide a computation of tax and incorporate adjustments applied by the tax authority in its most recent tax assessment for the company (for 2009 or later)

The Kuwait Tax Authority will review this report during the tax inspection process for potential increases (or decreases) of amounts disallowed in a past assessment. This review will form the basis of the final tax assessment for the current year.


Read a July 2013 report prepared by KPMG International: Kuwait – updates on declarations & assessments, Zakat & contracts in the PNZ


The KPMG report also discusses:


  • Exemption from Zakat when a company is entirely owned by the Kuwait government
  • The taxability of contracts related to the partitioned neutral zone between Kuwait and Saudi Arabia



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Washington, DC 20006.

 

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