EY Kuwait recently conducted its Annual Corporate Tax Seminar 2024 in Kuwait City, delivered by EY’s tax experts. The seminar, designed to assist businesses in navigating and understanding the Kuwaiti tax environment and systems in the broader MENA region, outlined significant developments within the country’s tax landscape over the past year. It also touched on anticipated changes in tax laws and regulations.
A large number of C-suite executives, finance professionals from multinational corporations, Kuwait-based companies, and regulatory bodies reportedly attended.
The agenda encompassed various facets of taxation in Kuwait and the MENA region, with key topics including:
- Base Erosion and Profit Shifting (BEPS) Pillar 2,
- Corporate tax practice updates,
- Zakat, and
- National labour support tax (NLST) laws.
Discussions also looked into the imminent introduction of the business profit tax, the global minimum tax for Kuwaiti multinationals, and regulatory updates and tax trends in the MENA.
Ahmed Al-Esry, EY MENA Tax Leader, commented: “The proposed introduction of the business profit tax in Kuwait marks a significant milestone. A well-structured and equitable tax system can foster economic stability, rendering the country more attractive to global investors. This, in turn, can stimulate economic growth and facilitate diversification away from oil dependence, funding sustainable ventures. Tax implementation also fosters transparency and accountability, fostering a responsible business ethos.”
Seminar topics also included the implementation of value-added tax (VAT), corporate income tax (CIT) regulations and e-invoicing protocols, as well as Environmental, Social, and Governance (ESG).