Tax Advisory & Support

Our client, a South Korea based company, engaged in EPC works had secured a contract with one of the government owned oil companies in Kuwait.

Without a local entity in Kuwait, the client operated through a Kuwaiti agent, undertaking responsibilities including commissioning assistance and EPC.

The client faced the challenge of navigating Kuwait’s complex tax and regulatory environment as a foreign entity. The lack of a local corporate structure and in-depth knowledge of Kuwaiti tax laws posed significant risks of non-compliance, potential penalties, and inefficiencies in tax and accounting practices. The client required expert assistance to establish and manage its tax compliance and accounting operations efficiently.

  • Advisory Services: Provided a comprehensive memo on business operations, recommended an accounting approach, Kuwait’s accounting & tax system, tax inspection preparation best practices.
  • Monthly Accounting: Managed day-to-day transactions, ensured local compliance and prepared reports and year-end accounts.
  • Tax Compliance: Handled tax registrations, declarations, and provided support for tax audit processes.
  • Strategic Support: Offered ongoing support for tax inspections, facilitated quick acquisition of Tax Clearance Certificates, and provided consultancy on specific tax matters.
  • Seamless Compliance and Efficiency: Ensured full compliance with Kuwaiti tax regulations, avoiding potential fines and penalties.
  • Optimized Accounting and Reporting: Established and maintained an efficient accounting system that streamlined client’s financial operations, enhancing the accuracy of financial reporting.
  • Successful Tax Inspection Closure: Achieved the closure of two years of tax inspections without additional taxes, primarily due to our comprehensive planning and documentation support from the outset.

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