TaxSavvyKW

Supporting documents for the Kuwait return

What documents should we keep ready for the Kuwait tax return?

The situation

Support includes audited accounts, fixed asset and inventory lists, subcontractor details, contracts, trial balance and the latest client payment certificate.

The law

  • Income Tax Law and Executive Bylaws: declaration and payment: Declaration due by the 15th day of the 4th month after year end; 60 day extension possible; tax paid with the return or in four instalments on the 15th of the 4th, 6th, 9th and 12th months
  • Income Tax Law practice: deemed profit assessments: Where support is inadequate the authority may assess tax on deemed profit as a percentage of turnover

What it means for you

PwC lists audited accounts, fixed asset and inventory lists, subcontractor details, contracts, trial balance and the latest client payment certificate. Weak support lets the authority assess on deemed profit. Certain records must be kept in Kuwait.

What to do

  1. Collect the list.
  2. Keep records in Kuwait.
  3. Index for inspection.
  4. File.

We can do this for youAnnual income tax declaration, payment and assessment for foreign companies: KWD 1,500

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