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PKF Kuwait

Accountants and Business advisors

Taxation Services

Taxation Services

We advise and support you comprehensively in all tax matters in order to effectively support all of your business objectives on a long-term basis. It is with these interests at heart that we advise our clients – local companies or foreign corporates – in an individualized manner on the structuring of their tax liabilities. We develop viable solutions in order to mitigate the risks due to potential reforms being considered by the State of Kuwait including introduction of Business profits tax and Value Added tax.

The closeness to our clients as well as broad-based expertise in consulting and problem solving are the strengths with which we meet the requirements of entrepreneurs and companies. With this profile we have, during the past few years, developed consistently to become one of the top tax consulting firms in Kuwait.

For lots of companies and private persons it is today taken for granted that they should organize their activities on a worldwide basis. Our international PKF network is aligned to falling back, as required, quickly and reliably on the specific tax-related know-how of experts in nearly all the countries in the world.

Our tax services include:

  • Tax planning
  • Income tax, Zakat and NLST compliance assistance
  • Accounting and tax consulting
  • Tax authority representation services
  • Tax clearance certificates and Retention releases

 

Tax Retention Release Certificate ("RRC")

Being a foreign or Kuwaiti entity, a 5% of the total contract value or every payment made by any entity private or public will be retained as per the Kuwait tax retention regulations.

The tax retention amount will be released from the client up on submission of Retention Release Certificate.

Retention Release Certificates for Foreign entities will be issued by Ministry of Finance, Kuwait by complying the following processes;

  • Registration and approval of first financial year
  • Submission of tax declaration
  • Inspection of books of accounts by tax authorities
  • Issue of Assessment Order by tax authorities
  • Settlement of taxes and penalties on Assessment Order, if any.
  • Submission of application for retention Release Certificate

Retention Release Certificates/ No Objection Certificate for Kuwaiti and GCC Companies, wholly owned by GCC nationals will be issued by Ministry of Finance, Kuwait by submitting specific application and necessary documentation.

Retention Release Certificate could be general or specific.

General / Annual RRC:

Issued to companies fully owned by Kuwaiti/GCC companies or by Individuals.

Specific RRC:

Valid for specific contracts or purchase orders.

  • Any previous contracts executed by Kuwaiti/GCC Companies fully owned by individuals.
  • Any foreign companies subject to tax in Kuwait after completion of their tax assessment processes,
  • Advance RRCs for share of non-taxable shareholders in a Kuwaiti company e.g. 49% - 51% W.L.L Company.
  • Any tax exempt contracts performed by foreign entities

 

Publications

Worldwide Tax Guide 2020-21

 

To download Worldwide Tax Guide 2020-21 click below: 

Download the guide


Get In Touch

For more information on how our services can help your business get in touch.

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