Business

Finance ministry warns companies over delayed income tax payments

Published

5 months ago

April 19, 2025

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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.

Related Topics:companies delayed Finance income Ministry payments tax warns

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Majid Al Futtaim launches HyperMax in Kuwait

Published

42 minutes ago

September 16, 2025

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KUWAIT CITY, Sept 16: Majid Al Futtaim, a leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, today announced the launch of its independently-owned grocery retail brand, HyperMax, in Kuwait. Following its successful debut in Jordan, Oman, and Bahrain, HyperMax is now bringing its deep local insights, international best practices and omnichannel concept to Kuwait, setting a new benchmark for modern grocery retail in the market.

Charbel Azouri, Head of Operations at Majid Al Futtaim Retail – HyperMax Kuwait, commented: “With the launch of HyperMax in Kuwait, we are delivering a modern omnichannel shopping experience that blends world-class standards with local relevance, rooted in regional insights. By working closely with Kuwaiti farmers, suppliers, and SMEs, HyperMax is strengthening national supply chains, promoting economic self-reliance, and contributing directly to the ambitions of Kuwait Vision 2035 – all while ensuring our customers enjoy greater variety, quality, and everyday value.”

In support of Kuwait Vision 2035, HyperMax is collaborating with over 150 local farmers, producers, suppliers, and SMEs to strengthen national supply chains, reinforce food security, and create meaningful opportunities for the private sector to grow alongside the country’s development agenda. With a workforce of over 1,500 team members, Majid Al Futtaim reaffirms its long-standing commitment to nurturing talent and advancing Kuwait’s socio-economic prosperity.

– Five stores and a fully integrated e-commerce platform set to redefine grocery shopping in Kuwait with greater choice, value, and convenience

– With over 1,500 employees, Majid Al Futtaim reaffirms its commitment to nurturing competitive talent while supporting Kuwait Vision 2035

– Strategic partnerships with over 150 Kuwaiti farmers, suppliers, and SMEs to strengthen food security, drive competitiveness, and foster sustainable economic growth

Business

Carrefour Exits Kuwait; HyperMax To Take Its Place

Published

2 hours ago

September 16, 2025

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KUWAIT CITY, Sep 16: As of September 16, 2025, Carrefour has officially announced that it will cease all operations in Kuwait. In a message to customers, the management expressed “sincere gratitude” for decades of support and patronage. Carrefour was introduced to the Middle East region in 1995 by Majid Al Futtaim (MAF), which secured exclusive franchise rights and has since operated Carrefour stores in multiple countries, including Kuwait.

In Kuwait, before this closure notice, Carrefour had been expanding. In February 2022, Carrefour (owned by MAF) opened its ninth supermarket in the country in the Khairan area, offering about 15,000 local and imported items.

In Oman, Carrefour ceased operations effective January 7, 2025, as announced by Majid Al Futtaim. The closure was followed by the launch of a new chain called HyperMax to replace Carrefour stores there. Similarly, in Bahrain, Carrefour operations ended as of September 14, 2025, and again, Majid Al Futtaim replaced them with its HyperMax brand. The change also involved local partners, suppliers, and about 1,600 employees.