Latest news with #LawNo.2
Arab Times
27-04-2025
- Arab Times
PACI Deletes 531 Addresses, Warns of KD 100 Fine for Delay in Updation
KUWAIT CITY, April 27: The Public Authority for Civil Information (PACI) has announced the deletion of the residential addresses of 531 individuals from its records, with the approval of the owners of the residential buildings or due to the demolition of the buildings. In an announcement published on 'Kuwait Al-Youm', PACI urged these individuals to register a new address at the authority and submit the required documents within 30 days to avoid the penalty stipulated in Article 33 of Law No. 2/1982 -- a fine of KD100 (multiplied by the number of persons).
Zawya
21-04-2025
- Business
- Zawya
Kuwait: Finance ministry warns companies over delayed income tax payments
KUWAIT CITY - The Ministry of Finance has issued a firm reminder to companies delaying their income tax payments, urging them to expedite settlement to avoid fines, reports Al-Jarida daily. Citing Article Eight of the Income Tax Decree, the ministry reiterated that late payments are subject to a penalty of one percent for every 30 days—or part thereof–of delay. In a recent communication sent to a defaulting company, the ministry highlighted the consequences of failing to comply with tax regulations. It also cited Article 24 of the Executive Regulations, stating that companies have a maximum of 60 days from the date of receiving a tax assessment letter to file objections. After this period, objections will not be considered. The ministry explained that upon reviewing the company's tax return, it was determined that the company failed to maintain proper accounting books and records as required by the provisions of Income Tax Decree No. 3/1955, its amendment Law No. 2/2008, and Article 15 of the Executive Regulations. As a result, the ministry opted not to acknowledge the reported financial results of the company and instead estimated its taxable profit at 30 percent of its revenues. Based on Article 19 of the Executive Regulations, the Tax Administration is authorized to assess taxes on an estimated basis in cases where determining the actual net income is not feasible. These scenarios include failure to submit the tax return or its attachments, missed deadlines, or the absence of required records and documentation after two formal warnings. The same applies if a taxpayer refuses to provide requested information or submits inaccurate or misleading documentation. The ministry stressed that adherence to tax obligations is critical, warning that non-compliance not only results in fines but also subjects companies to estimated assessments,w hich may significantly increase their tax liabilities. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. ( arabtimes
Arab Times
19-04-2025
- Business
- Arab Times
Finance ministry warns companies over delayed income tax payments
KUWAIT CITY, April 19: The Ministry of Finance has issued a firm reminder to companies delaying their income tax payments, urging them to expedite settlement to avoid fines, reports Al-Jarida daily. Citing Article Eight of the Income Tax Decree, the ministry reiterated that late payments are subject to a penalty of one percent for every 30 days—or part thereof–of delay. In a recent communication sent to a defaulting company, the ministry highlighted the consequences of failing to comply with tax regulations. It also cited Article 24 of the Executive Regulations, stating that companies have a maximum of 60 days from the date of receiving a tax assessment letter to file objections. After this period, objections will not be considered. The ministry explained that upon reviewing the company's tax return, it was determined that the company failed to maintain proper accounting books and records as required by the provisions of Income Tax Decree No. 3/1955, its amendment Law No. 2/2008, and Article 15 of the Executive Regulations. As a result, the ministry opted not to acknowledge the reported financial results of the company and instead estimated its taxable profit at 30 percent of its revenues. Based on Article 19 of the Executive Regulations, the Tax Administration is authorized to assess taxes on an estimated basis in cases where determining the actual net income is not feasible. These scenarios include failure to submit the tax return or its attachments, missed deadlines, or the absence of required records and documentation after two formal warnings. The same applies if a taxpayer refuses to provide requested information or submits inaccurate or misleading documentation. The ministry stressed that adherence to tax obligations is critical, warning that non-compliance not only results in fines but also subjects companies to estimated assessments,w hich may significantly increase their tax liabilities.
National News
17-04-2025
- Politics
- National News
Aoun submits constitutional challenges to clarify key legislative provisions
NNA - President of the Republic, General Joseph Aoun, on Thursday submitted two constitutional review requests before the Constitutional Council. The first concerns Law No. 1, which automatically entered into force and addresses leases for non-residential properties. The second pertains to Law No. 2, also in effect, which amends provisions related to the organization of the teaching body in private schools and the regulation of school budgets. Both laws were published in the Official Gazette on April 3, 2025. The presidential reviews aim to clarify specific provisions within the two laws in order to facilitate their implementation in a manner that benefits all concerned stakeholders.
Khaleej Times
05-04-2025
- Business
- Khaleej Times
Up to Dh4,000 fine for Abu Dhabi companies neglecting assets, equipment in public facilities
Companies in Abu Dhabi are liable to penalties if they are found neglecting assets or equipment operating public facilities in a manner that damages or distorts the public appearance. This is in accordance to the laws and regulations that the Department of Municipalities and Transport has recently put in place. Law No. 2 of 2012 aims at ensuring the emirate's aesthetics as also a sustainable and vibrant urban environment. The law prohibits any activity that could adversely impact the appearance, cultural, architectural, or aesthetic features of public areas in the emirate, such as green spaces, walkways, buildings, marketplaces, and public roads. The fresh regulations are in line with the DMT's efforts to improve the appearance of the overall city and also check activities that pose a health risk. The authorities recently announced fines of up to Dh4,000 for unlicensed commercial building facade modifications. Those leaving dirty and abandoned vehicles in public and leaving a vehicle's body or frame outside will face a fine of up to Dh4,000. Additionally, property owners in Abu Dhabi will face substantial fines of up to Dh10,000 for fencing, enclosing, or covering their properties if they do not look appealing. The DMT also revised penalties for littering and cigarette butt disposal in the emirate, including a fine of Dh4,000 for a repeated offence. For property owners in the Capital, Abu Dhabi announced hefty fines of up to Dh20,000 for neglecting properties that may lead to distorting the city's appearance or any property that poses a risk to public safety in the Capital. Abu Dhabi
