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Kuwait

Kuwait oil companies sign MoU to prevent smuggling of oil derivatives

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KUWAIT CITY : This came after a remarkable increase in the prices of oil derivatives in neighboring countries compared to Kuwait; hence, the smuggling of oil derivatives has become rampant. Sources clarified the MoU is an implementation of the mechanism for exporting oil derivates agreed previously as follows:1. If KNPC did not produce the shipment for export, the director of ... Read More »

Kuwait cultural office in US ‘warns’ students about fraud calls, messages

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WASHINGTON, May 17, (KUNA): Kuwait’s cultural office in Washington DC called Wednesday on Kuwaiti students to be cautious when receiving false telephone calls, e-mails, or internet messages from fraudsters who claim to provide services for a fee. “We call upon students to be careful about receiving telephone calls or e-mails through WhatsApp application, where the senders claim that they are ... Read More »

Kuwait to postpone VAT implementation to 2021

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Dubai: Kuwait will not implement value-added tax (VAT) before 2021 but will push ahead with introducing excise tax, parliament’s budget committee said in a statement posted on the assembly’s website on Tuesday. “The committee said implementation of value-added tax in Kuwait will be postponed until 2021, and that the finance ministry saw the need to expedite measures for excise tax ... Read More »

KFH signs coop agreement with ‘Agrivage’ to empower youth

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KUWAIT: Kuwait Finance House (KFH), has signed a cooperation agreement with ‘Agrivage’; a startup business created by a group of Kuwaiti students, with the purpose of preserving the environment by recycling food waste and converting it into usable rich soil. This comes as part of KFH social responsibility and commitment towards the youth initiatives and the environment. ‘Agrivage’ won coveted ... Read More »

Philippines and Kuwait sign agreement on workers’ rights

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A bitter dispute between Kuwait and the Philippines over the treatment of domestic workers is set to end with the signing of a new agreement. Philippine President Rodrigo Duterte had banned workers travelling to Kuwait amid allegations of abuse. Public outrage followed the murder of a young maid whose body was found in a Kuwaiti apartment freezer in February. The ... Read More »

Passenger tried to smuggle 10,000 drug pills through airport

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KUWAIT: An Arab man was arrested with possession of 3.5 kilograms of drugs he tried to smuggle through Kuwait International Airport yesterday. The man was apprehended based on information that airport detectives received about an Arab passenger carrying a large amount of drug pills, who was on a plane that was on its way to Kuwait. The suspect was placed ... Read More »

Policeman arrested under the influence of drugs

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KUWAIT: A policeman was arrested for being under the influence of drugs, and hashish was found on him. A patrol pulled the car he was driving and policemen became suspicious as he seemed nervous, so he was searched and the drugs found. Muggings mystery resolved Criminal detectives solved the mystery of eight muggings against expatriates by a female citizen and ... Read More »

Kuwaiti crown prince leaves U.S. following medical tests

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KUWAIT CITY: Kuwait’s Crown Prince Sheikh Nawaf al-Ahmad al-Sabah left the United States following medical tests on Friday, state news agency KUNA reported. The crown prince went to New York for “routine” medical check-ups 10 days ago, KUNA reported. He also went to the United States for medical check-ups last August. Sheikh Nawaf, 80-year-old brother of the small Gulf Arab ... Read More »

Kuwait Energy starts producing gas in southern Iraq

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KUWAIT CITY: Kuwait Energy PLC started producing natural gas from Siba on Wednesday, the first gas field to be brought on stream in the south of Iraq, an Iraqi oil executive told Reuters. Siba began producing gas at an initial rate of 25 million cubic feet a day (mcf/d), which should rise gradually to 100 mcf/d by the end of ... Read More »

Oman to participate in Kuwait furniture expo

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KUWAIT CITY: The Sultanate of Oman will take part in the International Furniture and Decoration Expo (Style Home) in Kuwait, which opens on Wednesday. The Sultanate will be represented by the Public Establishment for Industrial Estates (PEIE). The Sultanate’s participation is in line with its keenness to promote Omani products locally and internationally. The exhibition aims at introducing import, export ... Read More »

Kuwait arrests 2 Filipinos accused of helping runaway maids

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KUWAIT CITY:  Kuwaiti police arrested two Filipinos for allegedly convincing housemaids to run away from their employers’ homes as the Philippines’ ambassador faced questions for comments about his embassy’s work in aiding abused workers, authorities said Sunday. The arrests, reported by the state-run KUNA news agency, come as relations are tense between Kuwait and the Philippines, which sends many domestic ... Read More »

Kuwait goes through motions with latest budget

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KUWAIT CITY: Kuwait’s budget for fiscal year 2018-19 has no room for surprises. There was a projected deficit for a fourth year in a row and following 15 years of surpluses. The traditional practice of underestimating revenues and overestimating expenditures continues. Kuwait, unlike other Gulf states, runs its fiscal year from April to March. The authorities tend to release a ... Read More »

Kuwait provisionally extends $4 bln deposit maturity for Egypt

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KUWAIT CITY: The governor of the Central Bank of Egypt (CBE) Tarek Amer said on Sunday that Kuwait has provisionally agreed to extend a $4 billion deposit maturity for Egypt. Amer affirmed that Egypt is committed to paying its foreign debts and financial commitments on time and without any delay. Speaking at the Arab Banking Conference in Cairo, Amer stressed ... Read More »

Kuwait to cement commercial relations with US

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KUWAIT CITY: Kuwait is ready to cement commercial relations with the US, the Kuwaiti Ministry of Commerce and Industry said on Tuesday. Khaled Al-Roudhan, the Kuwait’s Minister of Commerce and Industry, flew to the US on Tuesday on a visit. He will hold talks with his US counterpart Wilbur Louis Ross on means of promoting the domestic investment environment and cementing commercial relations between Kuwait and the United States, Xinhua reported. Al-Roudhan ... Read More »

Kuwait says market conditions to determine any extension of OPEC-led oil cuts

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KUWAIT CITY: Kuwait’s oil minister said on Monday a pact between OPEC and non-OPEC producers to curb supplies would run to the end of the year and market conditions would determine whether to extend it further. Bakhit Al-Rashidi also said the meeting of the Organization of the Petroleum Exporting Countries in June in Vienna would offer a chance to review ... Read More »

Kuwait’s tax on remittances discourages FDI inflow

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KUWAIT CITY: Kuwait Parliament’s financial committee approved bills earlier this month stipulating that expatriates’ remittances should be taxed, analysts voiced concerns that the move could lower inflows of foreign direct investment into the country and harm Kuwait’s financial position as an open market. Although the bill has been opposed by the legislative committee, it will be referred to the government ... Read More »

Finance and Economic committee refuse request from exchange companies on remittance tax bill

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KUWAIT CITY: The Finance and Economic Affairs Committee of the National Assembly has refused a request from the Union of the Kuwait Exchange Companies to look into its comments on the draft law of imposing tax on the expat remittances quoting sources. The sources said it is surprising the committee has refused to take into consideration the views of the ... Read More »

Remittance tax in Kuwait could expel highly qualified labour

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KUWAIT CITY: Marmore report stated that the Parliamentary Financial and Economic Affairs Committee of Kuwait has approved bills for imposing tax on remittances of expatriates, based on their income level. The tax rate suggested starts at a modest one per cent for remittance under KD99 and goes all the way to five per cent for remittance beyond KD500. Remittance outflow ... Read More »

Selective tax preparation in Kuwait to be done within one month

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KUWAIT CITY: Sources from Ministry of Finance said they are expecting the preparation of the selective tax to be completed within one month. They stressed that the approval of the law will be based on the coordination and results of meetings between the government and the parliament in this regard. A government/ Parliament atmosphere has been created to apply tax ... Read More »

Kuwait registers current account surplus for Q4/’17

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KUWAIT CITY: The Central Bank of Kuwait (CBK) published today the preliminary data of the Balance of Payments (BOP) of the State of Kuwait for the fourth quarter of 2017 and the revised data of the third quarter of the same year. The aforesaid data shows that the Current Account (summing up receipts and payments between domestic economy and other ... Read More »