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Amendment to Kuwait Tax Law
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On December 26, 2007, the Kuwaiti Parliament approved a bill amending the Income Tax Decree No. 3 of 1955. The new tax amendment will reduce the tax on the net profits of foreign companies doing business in Kuwait from 55 percent to 15 percent as part of the governmental efforts aimed at attracting more investment from abroad. The new legislative amendment to the Income Tax Decree will come into effect once approved by the H. H. Amir of Kuwait, Sheikh Sabah Al-Ahmad Al-Sabah.This approval is expected shortly.
The new tax amendment also exempts profits made by foreign companies from trading in stocks listed on the Kuwait Stock Exchange, whether directly or through mutual funds and portfolios.
The tax amendment also confirms the recent position taken by Kuwaiti Courts by exempting foreign companies which have distributorship contracts with Kuwaiti distributors from tax. Only foreign franchisors who maintain a franchise relationship or an agent in Kuwait would be taxed.However, the definition of an agent, for tax purposes, has been expanded.
Also, among the important features of the amendment, are the new rules governing the implementation of the five-year Statute of Limitations in tax cases, as the five-year will now start running from the date the tax payer submits its tax return or the date when the tax department has knowledge of any activities omitted from the tax return.Also, the carry-forward of losses, which was open-ended under Decree No. 3 of 1955, has now been limited to three years.
Upon the enactment of the new amendment, the relevant implementing regulations are to be issued within six months thereafter.
Please contact us with any questions or clarifications on Tel: (+965) 240 0061 or email at asar@asarlegal.com
Posted on January 09, 2008 |
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