The Institute of Chartered Accountants of India (ICAI)- Kuwait chapter conducted a seminar on ‘Corporate and International Tax Update’ recently. The seminar explored topics related to the updated GCC taxation initiatives, VAT structure, and more specifically the issues and complexities associated with the retention/with-holding Tax (WHT) together with its Tax Clearance Certificate (TCC) from Ministry of Finance (MoF) in Kuwait. This was followed by an update on international taxation, which covers topics like BEPS and MLI (Multilateral Instrument).
The speakers were welcomed and introduced by CA Rabindranath Gonsalves, Executive Committee member.
Rami Alhadhrami, Partner of BDO, a Tax global consultancy firm, was the lead presenter and given his vast experience in the region, highlighted the various nuances of taxation and its implications in the Kuwait context. He also provided in-depth insight into GCC tax structures, VAT and excise tax and their expected timelines.
The second speaker was Manesh Bajaj, Senior Manager, BDO, who spoke on international taxation and the recent developments in this area. His presentation included actual case studies and he summarized the differences between tax planning, tax avoidance and tax evasion. He also explained details on tax residency, international tax structures and the related updates.
The session was followed by an interactive Q&A session. CA Sai Devata, Chairman ICAI Kuwait Chapter briefed the audience on the upcoming Cricket and Badminton Tournament, International Study Tour and Annual day function.
The vote of thanks was proposed by CA Deepak Bindal, Executive Member of ICAI Kuwait Chapter. The annual sponsors are Al Mulla Exchange, BDO, Focus Softnet, 360 Realtors and NBK the chapter.