RIYADH, Oct 31 (KUNA) -- Kuwaiti Minister of Finance Dr. Nayef Al-Hajraf said on Thursday that the value-added tax (VAT) could not be imposed without approval of the National Assembly (parliament).
Kuwait is a State of institutions and has a Constitution, thus the VAT could not be enforced without consent of the National Assembly, Minister Al-Hajraf stated.
He was reacting to a question in this respect during a seminar, titled, "The Middle East Welcomes Businesses: How the region has turned into an axis for international investments," as part of the Third Future Investment Initiative (FII) forum, hosted by the Saudi capital, Riyadh.
Legislations and regulations are necessary to impose any tax, he said, also noting that other member states of the Gulf Cooperation Council namely Saudi Arabia, the UAE and Bahrain, had already endorsed and implemented the GCC VAT Treaty.
The forum, which kicked off in Riyadh two days ago, would proceed until October 31. (end) mdm.rk