KDIPA’s Director General opens the Orientation Session discussing tax system

Kuwait Direct Investment Promotion Authority (KDIPA) Director General Sheikh Dr. Meshaal Jaber Al Ahmad Al Sabah opened the Orientation Session held on October 20, 2015 at KDIPA new premises in Al Hamra Tower, in cooperation with Ministry of Finance, and Al Markaz. He welcomed the audience, composed of auditing and consulting firms as well as investment companies operating in Kuwait. He reiterated KDIPA’s stance to maintain open channels with the private sector to benefit from their expertise and views for serving public interest. KDIPA Legal Consultant, Mr. Amre Wageeh, provided a brief background focusing on the legal basis and economic rationale for the transition to adopt the Tax Credit system from the previous Tax Holiday system in granting the tax incentive. Mr. Mohammed Al Dashti, Head of Projects Evaluation and Granting incentives Section, explained in more detail the rationale, criteria, and mechanism for calculating the annual benefits and claiming the cumulative Tax Credits, demonstrating a numerical example, and the three case scenarios. Sheikh Abdallah Al Sabah, Head of Licensing and Investment Registry, summarized the needed key procedures, and the role of involved stakeholders namely: the applicant (investor), KDIPA, the Auditor, and the Ministry of Finance, to ensure that the new mechanism is clear, transparent and fully operational. The session concluded opening the floor for questions and comments, whereby KDIPA, the Ministry of Finance and Al Markaz officials responded to duly.