TAX & ZAKAT
Our tax and zakat services comprise of the following:
Income Tax Services
The State of Kuwait imposes a tax on income earned by the foreign companies operating in the State of Kuwait at 15% of the annual net profits. The Decree No (3) of 1955 as amended by Law No (2) of 2008 and its Executive Regulations regulates Kuwaiti income tax on foreign companies.
Tax Compliance – CRS
CRS Services are sought by financial institutions to comply with the requirements of the international agreements related to the exchange of information for tax purposes in force in the State of Kuwait. All financial institutions (FIs) operating in the State of Kuwait are required to comply with all requirements set forth in the Multilateral Competent Authority Agreement (“the MCAA”) which was signed between the State of Kuwait and Organization for Economic Development and Cooperation (OECD) to Improve International Tax Compliance and to Implement Common Standard for Reporting (CRS).
Kuwaiti public and closed shareholding companies are required to pay Zakat Tax at 1% of net profit for the year, which is payable to the Ministry of Finance pursuant to Law No. 46 of 2006 concerning Zakat and contributions by public and closed shareholding companies to the State budget.
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