Kuwait is part of the Gulf Cooperation Council (“GCC”) and all of the six countries of the GCC have agreed to implement a pre-agreed VAT regime of 5% by 2021. To date, only Saudi Arabia, UAE and Bahrain have implemented their own VAT laws, so it is expected Kuwait, Qatar, and Oman will confirm their implementation date soon. The Value Added Tax (VAT) implementation will impact businesses across strata, compelling them to fundamentally rework their operational processes.

The 3rd Kuwait VAT Conference aims to help organisations build and demonstrate tax capability and to ensure that their stakeholders have a detailed understanding of VAT legislation and its application. The new change in the tax landscape requires high degree of preparation across organizations, starting with in-depth understanding of the new tax regime, assessing its likely impact, revisiting existing systems, training resources and seeking implementation support. A timely and well-coordinated intervention by all the stakeholders will help lay down clear milestones for a smooth transition, avoiding any non-compliance or revenue losses due to inadequate planning.