28 February 2024
Kuwait’s government has recently confirmed a new four-year plan, which rules out the implementation of VAT before 2028.
Instead, the country will look at increased customs duties and excise levies on tobacco, watches, jewellery, luxury cars and yachts, to increase tax revenue. It may also extend this to unhealthy foods, including sugary drinks.
Kuwait is part of the six-country Gulf Cooperation Council (GCC), which originally agreed to implement a harmonised VAT regime of 5%. The other GCC countries include Bahrain, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Are you trading globally? Whether you require basic VAT advice or specific VAT compliance support, Fiscal Solutions can help. Our team of multi-lingual experts are knowledgeable in all the different VAT rules in Europe and around the world.
We help you simplify today’s complexities and address tomorrow’s challenges. The values we represent, and our consistent advice, mean you can trust Fiscal Solutions to do the right thing – for you and your organisation.
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