الكويت بصدد تأسيس منظومة ضريبية على أرباح الشركات
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00:00 The declaration of the OECD in November last year,
00:05 which included Kuwait in the comprehensive framework of tax evasion and profit transfer,
00:11 means that Kuwait is taking another step towards establishing a tax system,
00:16 in a step that aims to achieve fair and transparent taxation.
00:21 For the first time, Kuwaiti companies will pay taxes in Kuwait,
00:25 the corporate tax, which is called the commercial profit tax.
00:29 The implementation should start from 2025,
00:32 and the ministry has now announced that there is a committee responsible for the implementation.
00:38 We, as a state, have now entered the implementation phase and signed an agreement,
00:44 which is called the integration framework.
00:47 We are now one of 140 countries worldwide, so we have joined the network.
00:52 These developments mean that the tax scene in Kuwait is facing a major change,
00:57 which means imposing a tax on the profits of companies,
01:00 a change that the accounting and investigation offices are ready for,
01:03 and financial consulting companies are in a hurry to launch local and international companies,
01:10 agents and independents, on the coming change, its size and impact.
01:15 It is necessary that this conference comes to add some important points to the companies
01:20 on which this law applies, because the tax will be approximately 15%,
01:25 so it is better that they are ready to issue this law and become compliant with it,
01:31 so that they are not exposed to any fines or delays on this side.
01:38 The tax on the profits of the expected companies will be in response to Kuwait
01:43 on what is known as the second central tax,
01:46 which stipulates that Kuwaiti companies work outside of Kuwait
01:50 and have a will to increase to $750 million, will be subject to a tax of 15% on their profits,
01:58 and the tax will start to be applied by 2025,
02:02 and if the tax is not approved in Kuwait, it will be approved in another country.
02:07 The second central tax, or Pillar 2, will apply to companies that have jobs outside of Kuwait,
02:15 even if in one country outside of Kuwait,
02:17 and their wills are consolidated to more than 750 million euros,
02:23 or what is equated to the local currency.
02:25 Kuwait, which is turning many papers to strengthen the state's wills away from oil,
02:31 has reached the idea of imposing taxes,
02:33 which is one of the economic reform ideas, but it has not actually moved in that direction,
02:39 and has rejected the application of the additional value tax,
02:42 even though it has foreign neighbors, and this is due to the many confrontations with the National Council.