Advertisement
|20 August, 2018

Kuwait's KUFPEC floats tender for VAT collection

The applications must be submitted within 30 days

Image used for illustrative purpose.

Image used for illustrative purpose.

Getty Images/Nora Carol Photography

KUWAIT CITY - Kuwait Foreign Petroleum Exploration Company (KUFPEC) will float a tender for the collection for Value- Added Tax (VAT), reports Al-Nahar daily.

The company has specified conditions for entering the tender – the companies that have applied for the tender must have a commercial license and a certificate of accreditation from the tax-issuing bodies as an approved taxreturn recipient as well as the CV of the company.

The applications must be submitted within 30 days.

Advertisement

The announcement of the tender comes in light of the government’s move to apply VAT for increasing its non-oil revenues amid the financial reforms that the government is seeking to apply away from oil.

Kuwait is expected to receive annual revenues worth KD 600 million if that tax is approved. Ministry of Finance is currently preparing to apply the tax, if approved.

 
 

© 2018 Arab Times Kuwait English Daily. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From GCC gears up for VAT