Tax Service offerings

Transcription

1 Tax KPMG Safi Al-Mutawa & Partners Kuwait Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International").

2 KPMG has experience of providing Tax Compliance and Tax Advisory Services to the following Global Industry Groups: Global Industry Groups Financial Services Banking Insurance Leasing Consumer Finance Investment Management and Funds Securities & Brokerage Consumer Markets Industrial Markets Information, Retail Engineering Communication & Entertainment Food & Drink Automotive Telecommunications Consumer Products Aerospace/Defence Media/Marketing Apparel/Textiles Diversified Industrials services Paper/Packaging Electronic Global Equipment Product Software/Computer Groups Steel and other services metals Hotels & Leisure Chemicals & Pharma Printing/Publishing Infrastructure, Government & Healthcare Building Materials/ Construction Transportation/ Logistics Real Estate Government Healthcare/ Life sciences Energy & Utilities Electricity Gas Water Waste Management Oil Mining Renewable Energy Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International"). 1

3 KPMG Why we lead We lead on service and performance Our tax professionals combine cross-border experience with local knowledge to help provide effective tax strategies which assist our clients to address business needs relating to various tax issues and structure your business in a more tax-efficient manner We lead on global quality and consistency... KPMG tax service methodologies are used by KPMG firms wherever we operate and reinforce global consistency and coordination. This means that any work carried out in Kuwait will be guided by the same approach to methodology, process and documentation as used by KPMG teams around the world. KPMG has vast experience in servicing the clients from different line of business and projects across the world and in Middle East region and therefore has unparalleled depth of understanding on how best to approach tax issues of operating in tax jurisdictions. KPMG Kuwait s tax capability is led by Dr. Rasheed Al-Qenae. Rasheed is a former Tax Inspector and has sat on the Appeals Committee of the Department of Income Taxes. Rasheed s s strong relationship with the Kuwaiti tax authorities are fully leveraged for the benefit of our clients. Our tax teams co-ordinate closely with Kuwait Tax Authority to ensure that we are aware of the latest developments in Tax Laws/circulars and its practices and provide our clients the benefits of these insights to Kuwait Tax Laws and its practices. The tax team provide the highest quality of tax service required by applying a focus necessary to identify and address any potential tax exposures. Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International"). 2

4 KPMG The services we provide.. KPMG Safi Al Mutawa & Partners provides the following tax services in Kuwait: Corporate Tax Compliance We assist our Clients in complying with tax obligations under the Kuwait tax laws and regulations ranging from registration with the tax authority, review of tax declarations to be submitted to the tax authority, facilitating the mandatory tax inspection process, obtaining the annual tax assessment and tax clearance certificate for release of tax retentions. Where required, we assist clients in forming appropriate arguments in respect of contesting tax assessments through tax objections and appeals. Tax Advisory Services We advise Kuwaiti clients on tax efficient structures for outbound investment involving the application of appropriate tax treaties/ holding company structures in jurisdictions throughout the world. We advise companies in respect to inbound investment in Kuwait and assist clients in structuring their operations in Kuwait in a tax efficient manner including detailed advices in respect of the application of various tax treaties with Kuwait. Local Taxes We assist itkuwaiti companies in complying li with local taxes such as Zakat and National Labor Support Tax, where applicable, through review of declaration discussions with officials at the Kuwait tax authority to obtain the annual assessment. This may include assistance in forming appropriate arguments in respect of contesting tax assessments through tax objections and appeals. International Tax Due Diligence Tax on Cash Dividends With the assistance of the KPMG Global network, we can provide advice on the tax implications in jurisdictions other than Kuwait. We assist global l companies achieve tax efficiency in their operations. With an international perspective and local-country experience, KPMG provides practical advice on establishing new ventures and contracts, structuring overseas transactions, managing effective tax rates, and maintaining compliance with tax and regulations. With extensive local tax knowledge, KPMG is best place to identify and quantify potential un-provided tax exposures from a sell and buy side perspective. We assist our Clients in complying with Kuwait tax laws and regulations in respect to tax on dividends from investments in securities listed on the Kuwait Stock Exchange. y p p securities listed on the Kuwait Stock This may involve assisting clients that are eligible for exemptions from tax in Kuwait to obtain tax clearance certificate from the tax authority or a refund based on the application of relevant tax treaties. Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International"). 3

5 Corporate According to the Kuwait Tax Law no. 2 of 2008, the income tax is levied on foreign corporate bodies carrying on trade or business in Kuwait. We provide the following Tax Compliance Services to foreign corporate bodies operating in Kuwait: Conducting audit of the income statement of the fbc for tax purpose only; Assisting i in preparing and filing the tax declaration and supporting schedules; Responding to the fbc s enquiries relating to the tax declaration; Answering the fbc s inquiries on specific tax matters; Assisting the fbc, as may be required, in relation to the tax inspection, tax objection and tax appeal process; and Assisting the fbc in obtaining Tax Clearance Certificate (TCC) from the Ministry of Finance. Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International"). 4

6 Tax Advisory Services KPMG has invested heavily in developing a global technology enabled risk based approach to tax advisory from which our clients will benefit as the methodology brings efficiency to the tax advice. This methodology is global in nature and is consistently applied in all KPMG practices. We provide the following tax advisory services to foreign body corporate wishes doing business in Kuwait: Advising on ways of doing business in Kuwait Providing overview of Kuwait Tax Laws Advising on the possible tax exposures on the specific business structure Advising on the possible tax exposures on the contract signed in Kuwait We also provide the following tax services in relation to Mergers and Acquisitions: Tax Due diligence Acquisition/ disposition tax planning Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International"). 5

7 International corporate Services KPMG is a global network of professional firms providing Audit, Tax, and Advisory Services. We operate in 144 countries and have more than 137,000 professionals working in member firms around the world. International Corporate Services helps global companies achieve tax efficiency in their operations. With international perspective and local-country experience, KPMG provides practical advice on establishing new ventures and contracts, structuring overseas transactions, managing effective tax rates, and maintaining compliance with tax and trade regulations. Services include: Effective Tax Rate Management, Foreign Tax Credit Planning, Repatriation Planning, and Intellectual Property Services Export Tax Management International Tax Centers of Excellence International Value-Added Tax Center Trade & Customs Services (including CUSTOMS Info ) Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International"). 6

8 Our Integrated approach to customer services KPMG delivers proactive and comprehensive client service during every phase of providing tax services, addressing your differing needs each step of the way. Effective tax advice and planning can help give your business a competitive advantage. Organizations; need to address issues relating to their corporate structure and tax exposures. We can identify the available incentives to manage the tax affairs effectively with a view to enhancing competitiveness. Before we enter into any engagement, we must determine that our firm has no conflicts of interest or independence issues that may prohibit our firm from performing certain non-audit services for audit clients and may also require audit committee preapproval for audit and non-audit services. Sentinel, KPMG International s Lead Partner Approval and Reporting system, enables an engagement team to review, approve, and verify KPMG s service relationships with business entities worldwide, helping to ensure KPMG s adherence to independence rules and requirements. In addition, Sentinel helps engagement partners and mangers determine if audit committee pre-approval is required and has been obtained. Our Approach to Client Service Immediately upon appointment as your tax services provider, we will seek to schedule regular meetings with management to review our independence, the progress and quality of our work, and any concerns or issues you might have. Those matters might relate to your industry sector, business, operations, accounting, or reporting. Regardless of the subject, you will have open access to key members of the tax team and be able to schedule meetings on an as-needed basis. We want you to be comfortable with the level and type of communication we are providing. Our goal is for you to always feel well informed but not beleaguered by too much information. Of course, the tax team will bring up issues it identifies at the earliest possible stage. Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International"). 7

9 Our Quality Review Process KPMG s quality process KPMG uses a series of built-in-quality control procedures to ensure that the work we produce meet our own standards and regulatory requirements. Our procedures include: Each member of the team will understand your business, including the financial reporting and business control environments, processes, risk, systems and controls; All engagement planning and analysis will be reviewed by the Manager in charge and tax team prior to the start of the fieldwork and prior to completion of the final tax report; All working papers produced by our staff will be reviewed by the Manager in charge. All work performed by KPMG member firms is subject to regular peer reviews. Skills and competence Personnel in the firm adhere to the standards of independence, integrity, objectivity and confidentiality. The firm is staffed by personnel who have attained, and who maintain, the skills and competence required to enable them to fulfill their responsibilities. To assist in maintaining these skills the firm has procedures for: Training of staff at all levels, through both formal courses and on-the-job experience; Continuing professional education; Assigning work to personnel who have the degree of technical training and proficiency required in the circumstances; Evaluating the performance of staff and counseling staff as to their progress and career opportunities. Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International"). 8

10 Contact details Zubair Patel Tax Director Tel: Fahim Bashir Senior Tax Manager Tel: Reem Abbas Tax Manager Tel: KPMG Safi Al-Mutawa & Partners Al Hamra Tower, 25 th Floor Abdulaziz Al Saqr Streett P.O. Box 24, Safat State of Kuwait Tel Fax The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation 2013 KPMG Safi Al-Mutawa & Partners, a Kuwait partnership p and a member firmof the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International Cooperative ( KPMG International ). Swiss entity. All rights reserved. Printed in Kuwait. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International").