Zakat Tax came into effect from 10 December 2007 through Law No. 46 of 2006 by the Ministry of Finance (MOF). According to the Zakat law, Kuwaiti public companies and closed joint-stock companies are required to pay Zakat at 1% of the annual profit. Similar GCC entities with entities in Kuwait are also charged with Zakat. In addition to Zakat, National Labor Support tax (NLST) is chargeable on the listed companies at a rate of 2.5%.
How we can help
The companies regulated by the Zakat law has to file the declaration as audited by an audit firm registered with the Tax department. With our experience in the Kuwait market and a team of specialized tax experts, KPMG can provide support in the filing of Zakat and NLST taxes. We help in creating the Zakat declaration statement, which is in compliance with the rules laid by the Tax department ensuring a smooth and timely filing. Our team of experts supports you through the entire process making it a smooth process.