IBPC Kuwait holds seminar on VAT
Event sponsored by KPMG Kuwait
KUWAIT CITY, Feb 18: The Indian Business and Professional Council (‘IBPC’) in alliance with KPMG Safi Al Mutawa & Partners (‘KPMG Kuwait’) hosted a seminar on Value Added Tax (‘VAT’) readiness and implication in Kuwait and the GCC for respected IBPC members and delegates. The event hosted approximately 140 delegates organized at JW Marriott Kuwait from various sectors and organizations in Kuwait.
The event was honored by the presence of His Excellency the Ambassador of India JeevaSagar and KPMG Kuwait’s Senior Partner, Safi Al Mutawa along with highly experienced professionals from the field of taxation, Zubair Patel, Partnerand Head of Tax, Fahim Bashir, Director and Ms Aswathy Chembolly, Senior VAT Manager at KPMG Kuwait.
During his welcoming remarks, Ambassador Sagar praised the strong relationship between India and Kuwait for several decades and stressed on the importance of the economic cooperation between the two countries and its younger generation.
Following the Ambassodor Sagar’s speech, Patel provided insights on the rationale behind the introduction of VAT in the GCC and key VAT updates across the GCC countries with respect to the implementation of VAT.
Ms Aswathy then discussed basic VAT concepts and highlighted issues faced by businesses post VAT implementation by providing key examples about the current VAT regime based on UAE and KSA’s laws and regulation. Later Sh ivy B has in briefly shared his insights about his experience in India during the introduction of GST. Further, he provided examples of issues faced by companies in India and explained how Kuwait businesses can benefit from such VAT/GST experienced jurisdictions such as India.
Following the end of the seminar, the speakers held a Q&A session, where various delegates were able to reason their queries with respect to VAT implementation in the GCC.