“Tax Landscape in Kuwait/GCC”: A Seminar by American Business Council – AmCham Kuwait, and Ernst and Young
The American Business Council-AmCham Kuwait, in collaboration with Ernst & Young, organized a seminar on the topic- The Tax Landscape in Kuwait/GCC and Its Impact on Businesses on Wednesday, February 12 at the Symphony Style Hotel.
The seminar was attended by officials from the Kuwait Chamber of Commerce and Industry, The U.S. Embassy Kuwait and various financial institutions and companies across Kuwait. The objective was to help local businesses and U.S. taxpayers to familiarize themselves with the recent tax and regulatory changes in Kuwait and within the region and to prepare themselves for the upcoming tax filing as well as the impact of changes.
Alok Chugh, Partner, EY Kuwait, and MENA Government and Public Sector Tax Leader, provided an overview of the emerging economic trends in MENA and the impact of the international tax developments on MENA based American organizations. Alok also discussed the recent tax updates concerning the positions of VAT, Corporate Income Tax Rates in the region and the practice of the Tax Authorities in the region. Further, he provided insights on the recent developments from a Kuwait Tax perspective wherein he elaborated on taxability of specific transactions and activities in Kuwait such as agency/distributorship arrangements. He also showcased the impact of certain Executive Rules to the Tax Law in Kuwait, about the overseas transactions and its relation with the internationally followed “Transfer Pricing Regulations”.
Nabeel Alexander, Partner at Integrated Tax Solutions, took to the stage to present on individual taxes for U.S. taxpayers. He discussed various topics such as how to file income taxes when living abroad, the different regulations imposed by the U.S. on banks to comply with reporting standards for U.S. citizens, and the best practices when contacting the IRS.
Nabeel also hosted a Q&A session after his presentation where he clarified doubts of attendees.
Esra Menke, ABCK’s Executive Director, concluded the event with a recognition ceremony where she thanked the event sponsor, Ernst & Young, and guest speakers and presented them with recognition awards.