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Document Type: ER - Executive Rules & Instructions
Law: KIT (Law No. 2 of 2008 amending Decree No. 3 of 1955)
Decision Number: 50
Year: 2013
Country: 🇰đŸ‡ŧ Kuwait
Official Name: Executive Rule No. 50 Concerning accounting of foreign Incorporated Bodies which wholly or partially sell its share of the company

Ministry of Finance - Tax Department - 2013 [Executive Rules & Instructions]

Executive Rules and Instructions of Kuwait Income Tax Decree No. 3 of 1955 as amended by law No. 2 of 2008

Executive Rule No. 50 Concerning accounting of foreign Incorporated Bodies which wholly or partially sell its share of the company

First: foreign Incorporated Bodies which wholly or partially sell its share of the company shall abide by the following:

  1. Presenting sale or assignment contract for part of its share authenticated by Ministry of Justice.

  2. Amended memorandum of association.

  3. Documents supporting collection of sold assets (or stating this in balance sheet and closing accounts of the company).

Second: the acquirer shall present balance sheet, closing accounts, books, records and necessary documents for the financial year related to sale transaction if tax department requested that.

Third: special and exceptional cases related to accounting of foreign incorporated bodies which wholly or partially sells its share of the company will be treaded separately after consulting the Tax Department in this regard.