Kuwait experienced a surge in total loans, reaching $4.3 billion
Kuwait has witnessed a significant increase in total loans, which have reached $4.3 billion.
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Kuwait has experienced a robust increase in its loan market, with total loans reaching $4.3 billion and significant growth in both consumer facilities and private sector deposits.
In consumer facilities, the country has generated a noticeable growth of 1.8% in April, with the total reaching 2.004 billion dinars, up from 1.967 billion the month before.
Over the period from January to April, total loans in Kuwait surged by 2.4%, increasing from 53.55 billion dinars at the end of December 2023 to 54.873 billion dinars by April 2024. Personal facilities, which include housing loans, saw a modest increase of 0.3%, rising from 18.7 billion dinars to 18.8 billion dinars.
The increase in consumer facilities to 2.004 billion dinars in April can be attributed to an increase in employment and expansion into new market segments. Private sector deposits have also seen a healthy increase of 2.9% since the beginning of the year, rising from 37.34 billion dinars in December to 38.463 billion dinars by the end of April.
On the other hand, government deposits in public institutions have experienced a significant decline, dropping by 7.8% from 11.3 billion dinars in December to 10.5 billion dinars by the end of April, totaling a decrease of 877 million dinars.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Compliance with these deadlines is crucial to avoid administrative penalties.
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The UAE’s Federal Tax Authority (FTA) is urging Corporate Taxpayers to adhere to submission deadlines to avoid fines. Specifically, Resident Juridical Persons with licenses issued in May (regardless of the year) must submit their Corporate Tax registration applications by July 31, 2024, in line with Federal Tax Authority Decision No. 3 of 2024.
This decision aligns with the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments, effective from March 1, 2024. The FTA stresses the importance of meeting these registration deadlines, which have been communicated through various media channels and direct outreach to registered company owners in the UAE.
Utilizing the EmaraTax Platform
Compliance with these deadlines is crucial to avoid administrative penalties. The deadlines apply to both juridical and natural persons, including Resident and Non-Resident Persons in the UAE. Detailed information on these deadlines and other relevant issuances can be found on the FTA’s official website.
According to the FTA’s Public Clarification, Resident Juridical Persons established or recognized before March 1, 2024, must submit their tax registration applications based on the month their license was issued. Those with expired licenses as of March 1, 2024, should submit their applications based on the original issuance month. For those holding multiple licenses, the earliest issuance date applies.
Administrative penalties for corporate tax violations have been in effect since August 1, 2023. To facilitate the registration process, taxpayers must use the “EmaraTax” digital platform, available 24/7, or seek assistance from accredited tax agents and government service centers.
The FTA has also emphasized the importance of providing accurate information and submitting updated supporting documents correctly with the electronic registration application, noting that registering for Corporate Tax for a juridical person requires uploading various documents, including the commercial license, the Emirates ID card, the passport of the authorized signatory, and proof of authorization for the authorized signatory.
A comprehensive video explaining the registration process through the “EmaraTax” platform is available on the FTA’s website. This platform, designed according to international best practices, aims to streamline the registration journey, submission of periodic returns, and payment of due taxes for all UAE taxpayers.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
