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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: 7
Year: 2013
Country: 🇰đŸ‡ŧ Kuwait
Official Name: Executive Rule No. 7 Concerning approval of the first accounting period

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. 7 Concerning approval of the first accounting period

Article No. 10 of the Executive Regulations

First: The fiscal period approved by the Ministry of Finance shall be the Gregorian year commencing from 1st January to 31st December of the same year.

Second: The Incorporated Body may submit an application requesting the approval of its first fiscal period within three months from the date of signing the contract or the date of commencing the activity provided that such taxable period does not exceed 18 months after the approval of The Tax Department.

Third: The Tax Department may approve the first fiscal period of the Incorporated Body for which an application is submitted.

Fourth: No reply from The Tax Department within 30 days shall be considered an implicit refusal of the application.