On 14/8/2017, the Ministry of Finance has issued Resolution No. (46) Of 2017 on the Additional Preliminary Guidelines concerning implementation of the International Agreements on Tax Information Exchange. The circular highlighted the importance of using the self-certification form. In addition, the Resolution required the financial institutions to appoint an auditor approved by the MOF, submitting Read More..
Ministry of Finance’s Resolution No. 46 on the Additional Preliminary Guidelines concerning Implementation of the International Agreements on Tax Information Exchange
In compliance with the international conventions, the State of Kuwait has signed, on 7th of June 2017, a multilateral agreement to implement the procedures relating to Base Erosion and Profit Shifting Framework (BEPS). Worth mentioning that Base Erosion and Profit Shifting (BEPS) refers to an international law that aims at combating tax evasion and ensures that Read More..
Living Our Mission As teamwork is one of the KPIs achieved by the end of 2016, Baker Tilly celebrates the team work achievement during 2016 as it managed to carry out its mission through the dedicated work of its members. The 50+ plus employees of Baker Tilly work in a harmony as a team. In Read More..
Latest amendments to the Executive Bylaw of the Capital Market Authority Law On 4 May 2017, the CMA issued the Resolution No. 64 of 2017
Kuwait Banks Mandated to Take the Necessary Procedures to Implement Common Reporting Standards (CRS)
On 15 July 2014 the CRS, an information standard for the Automatic Exchange of Information (AEoI) was developed and approved by the Organization for Economic Co-operation and Development (OECD) Council. On 19 August 2016, the Government of the State of Kuwait represented by the Ministry of Finance (MoF) signed the Multilateral Competent Authority Agreement (MCAA) Read More..
Date of issuance 8 January 2017, Deadline 1 March 2017 On 8/1/2017, Capital Markets Authority (CMA) issued circular No. (2) Of 2017 on Licensed Persons’ Annual Report. The circular highlighted the importance of compliance with the provision of Article (7-5) of Module Sixteen of the Executive Bylaws of Law No. (7) of 2010 on preparing Read More..
Baker Tilly International has been named the winner of the prestigious Network of the Year Award at The Accountant & International Accounting Bulletin (IAB) awards 2016. The annual Accountant & International Accounting Bulletin (IAB) awards celebrate excellence in the accounting profession and bring together some of the most prominent people in the industry. “The IAB Read More..
CMA prevents dealing with countries not adopting the recommendations of The Financial Action Task Force on Anti Money Laundering
The Capital Markets Authority (CMA) issued Circular no. 3 of 2016 on March 7th, 2016 to all licensed persons instructing them not to deal with the countries not, or inadequately, adopting the recommendations of the International Financial Action Task Force. We would like to draw your attention to the provision of Article 42-3 of “Anti-Money Read More..
Kuwait Direct Investment Promotion Authority (KDIPA) convening its first promotional conference “Kuwait Investment Forum”
Kuwait Direct Investment Promotion Authority (KDIPA), announces that it is convening its first promotional conference “Kuwait Investment Forum” under the patronage of H.H. the Amir of Kuwait Shaikh Sabah Al Ahmad Al Jaber Al Sabah, on March 8-9, 2016 at the Courtyard Marriott Hotel-Kuwait. The Forum intends to advance KDIPA’s promotional role in positioning Kuwait Read More..
Kuwait Capital Markets Authority issued Circular No. 1 of 2016 dated 5 January 2016 to the Chairmen of Board of Directors, regarding the annual report of the licensed persons. The Circular reads: “We would like to draw your attention to the provisions of Article 5-7 of Volume XVI of the Executive Regulations of Law No. Read More..
Issuance of Regulations Capital Markets Authority (CMA) has issued new Executive Regulations of the law establishing the Capital Markets Authority. The new Executive Regulations were published in a special edition number (1261) of the Al Kuwait Al Yawm official gazette issued on 10/11/2015, coinciding with the enforcement of Law No. 22 of 2015 amending certain Read More..
Tax application in Kuwait is renewed issue that emerges on the surface from time to time. The reasons for its emergence always come to light when talking about diversification of the non-oil sources of income. Recently there has been serious debate about this issue when global oil prices dropped by about 60%, where price per Read More..
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