KPMG KUWAIT TAX. Other Services

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1 KPMG KUWAIT TAX DEPARTMENT Other Services

2 We at KPMG Kuwait Tax department provide a full range of Tax advisory and Compliance services for local taxes such as Zakat & NLST, Corporate tax such as Income tax and dividend taxation, international tax and tax retention regulations. We however wanted to highlight other additional services that we are able to provide to our clients which are: Payroll Services We will be able to assist our clients with managing their Payroll processes. Our payroll processing would be done in house and will be independently reviewed by another person to ensure accuracy of payroll before it goes to the company management. The services are set out as under: Assistance with processing of monthly reports for management review and approval; Once the management has approved, to provide the final payroll report along with Bank transfer letter or bank upload file in the template provided by the company; Assistance with preparation of pay slips for every employee and electronically send them to the Company s authorized personnel for distribution to individual employees; Assistance with calculation of monthly accrual for the end of service benefits. The calculation will be based on the labor laws of the respective country; Social Security calculation for local Nationals will be provided, if required, however the filing of return responsibility is with the company; and To provide payroll journals for the company in the specified format. 1

3 Custom Duties We assist the client with the following: To understand the custom duty application for their respective products; The assist them with the practical consideration and to understand the risk and the processes involved with custom duties; Assistance with the review of their current internal processes and to identify aspects which may bring efficiencies from custom duty perspective; Any other custom duty advisory support as required Tax Residency certificate for Expatriates We have now started t the process for applying li for the Tax Residency Certificate t (TRC) for the expatriates working at our clients. The ministry has now streamlined the process for the issuance of the TRC and we await the issuance of the TRC subject to no changes in the processes of the MOF in this respect. Please contact us if any expatriate in your organization requires a TRC which will provide tax benefit to the individual in their Home Country. Tax Clearance Certificates (TCC) for GCC and Kuwaiti Entities We are able to assist Kuwait and GCC entities that are owned 100% by Kuwaiti or GCC nationals to obtain a blanket TCC such that payments can be received gross and without application of 5% tax retention ti by contract t owners. Our services include assistance in collating the necessary documents and completion of forms to the MOF applying for the TCC together with follow up with the MOF for issuance of the TCC. Please contact us if you are an entity with 100% Kuwaiti or GCC ownership and require a TCC for release of tax retention. 2

4 Accounting support services We are able to assist our international clients with recording of all transactions, preparation and review of Trial balance, Profit & Loss account and Balance Sheet, preparation of bank reconciliation statement and other supporting schedules. We are pleased to provide assistance based on your Company s requirement. As part of KPMG policy, our acceptance of Client & Engagement is subject to satisfactory conclusion of our Risk Management procedures 3

5 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 Street 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 2013 KPMG Safi Al-Mutawa & Partners, a Kuwait partnership and a member firm of the KPMG network of or entity. Although we endeavour to provide accurate and timely independent member firms affiliated with KPMG information, there can be no guarantee that such information is International Cooperative ( KPMG International ), a accurate as of the date it is received or that it will continue to be Swiss entity. All rights reserved. Printed in Kuwait. accurate in the future. No one should act on such information 2013 KPMG Safi Al-Mutawa & Partners, a Kuwait partnership and a member firm of the KPMG The KPMG network name, of independent logo and cutting through without appropriate professional advice after a thorough 4 complexity are registered trademarks or trademarks of member firms affiliated with KPMG International examinationcooperative of the particular ( KPMG situation. International ), a Swiss entity. All rights reserved. Printed KPMG International Cooperative ( KPMG International ).