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Our Services
Audit Service
Elevate transparency with precision auditing. Our meticulous services provide a thorough examination of financial records, ensuring accuracy and compliance.
Tax Advisory
Navigate tax complexities with confidence. Our expert advisors offer strategic insights and tailored solutions to optimize your financial position and ensure compliance.
Consultancy
Strategic Moorish guidance awaits. Our consultants offer expert insights, fostering informed decisions and guiding you towards success in Moorish ventures.
Tax Advisory
Elevate transparency with precision auditing. Our meticulous services provide a thorough examination of financial records, ensuring accuracy and compliance.
Corporate Tax
Corporate Tax
- Acquire comprehensive insights into Kuwait's tax legislation and system with our corporate tax services team, offering practical solutions to minimize taxes, manage risks, and evade elevated tax assessments.
- Our services encompass:
- a. Guidance on Kuwait tax implications in contractual transactions.
- b. Conducting corporate tax health checks.
- c. Providing advice on Kuwait tax retentions requirements.
- d. Efficiently managing the tax compliance process, including the preparation and filing of tax declarations, assistance with mandatory tax inspections, and support in applying for Tax Clearance Certificate/Tax Retention Release Letter.
RAMI ALHADHRAMI
Director
International Tax
International Tax
- Whether you're a fledgling startup venturing into or beyond Kuwait or a multinational enterprise with intricate global operations, our all-encompassing integrated tax service collaborates with Al Madar's expansive network, spanning major business centers worldwide.
- For businesses eyeing offshore expansion, we provide assistance with:
- a. Outbound tax planning.
- b. Insight into offshore tax jurisdictions.
- c. Transfer pricing considerations.
- d. Advisory on withholding tax regimes, addressing implications on international flows of interest, dividends, and royalties.
- e. Comprehensive tax management services.
- For overseas companies venturing into, we offer support in:
- a. Determining optimal business structures.
- b. Assisting in the company incorporation process.
- c. Understanding tax requirements, encompassing registration, tax filing, record-keeping, and tax retentions.
- The Al Madar global network, unified in approach, ensures consistent exceptional technical outcomes, prioritizing your business objectives. Regular forums foster personal connections, assuring that the service you receive is mirrored by our global colleagues.
Dr. Maged Abd Al-Hady
Director
Tax Litigation
Tax Litigation Support
Many big companies are dealing with tax issues in different countries where they do business. Tax authorities in various places are being tough, making legal battles for businesses longer and more expensive.
Here at Al Madar Kuwait, we help our clients not just in solving tax problems with tax departments and local courts, but also by using other ways to resolve disputes, like tax treaties and agreements between countries that promote investments.
Our team is experts in sorting out tax disagreements and using arbitration. We've successfully worked on some of the biggest tax settlements in Kuwait.
Dr. Maged Abd Al-Hady
Director
Transfer Pricing
Transfer Pricing
Worldwide, there has been a quick rollout of fresh transfer pricing rules from the Organization for Economic Cooperation and Development (OECD), especially regarding intellectual property, as part of their Base Erosion and Profit Shifting Initiative (BEPS). This will greatly affect how businesses set up their transfer pricing now and in the future. With a committed transfer pricing team throughout the Al Madar network, Al Madar offers various services including planning, following rules, defending against audits, and comparing performance. We can collaborate with you to create transfer pricing policies that can be justified, adaptable, and align with your overall tax planning strategies.
Dr. Maged Abd Al-Hady
Director
Tax Accounting
Tax Accounting Services
With the evolving tax landscape in Kuwait, it's crucial for businesses to keep accurate books of accounts and records that meet local regulatory standards.
Al Madar can assist businesses in the preparation of their books of accounts, ensuring compliance with local regulations. We provide guidance on necessary supporting documents that should be maintained and advise on potential tax issues that may arise due to transaction nature or the maintained supporting documents.
Dr. Maged Abd Al-Hady
Director
Tax Clearance Certificate
Tax Clearance Certificate / Tax Retention Release Letter
Overview of Kuwait tax retention requirements
The Kuwait Tax Retention Rules ("KTRR") are a set of tax obligations designed to assist in tax collection in Kuwait and apply to both foreign and local companies.
Basically, according to Article no. 37 of the Executive Bylaw, all public and private entities (referred to as "Payer") engaged in trade or business in Kuwait must retain 5% of the total contract value or from each payment made to any person they have contracts, agreements, or transactions with. The Kuwait Tax Retention Rules cover any payment made by a Payer and are applicable to foreign, Kuwaiti, and other GCC companies.
The release of all or some retained amounts is subject to approval by the Kuwait Ministry of Finance in the following cases:
- If the entity is not liable to tax, is exempt, or faced a loss during the year.
- If the entity settles all its outstanding tax.
- If the entity provides a certified bank guarantee or another acceptable guarantee to fulfill the due tax obligation.
How Al Madar can help?
- Review of contracts and advise on tax retentions requirements
- Assisting in restructuring contracts from a Kuwait tax perspective
- Assisting in obtaining tax retention release letter / tax clearance certificate from the Kuwait Ministry of Finance
- Assisting in preparing and filing Tax Retentions Returns/Notifications
- Drafting tax retentions policy and procedures
Indirect Tax
(VAT & customs)
Indirect tax (VAT & customs)
Value Added Tax (VAT) is a transaction-based tax generally imposed on the supply of most goods and services. Kuwait plans to introduce VAT at a rate of 5% by no later than 1 January 2019.
Given the VAT development in the region, businesses will need to spend time and efforts on realignment of operations, including supply chain and logistics, pricing, procurements, accounting, and Information Technology Systems.
Al Madar Kuwait has a specialized unit to assist businesses in getting ready for VAT. Our VAT team can assist businesses with the following:
VAT impact assessment
VAT implementation
VAT consulting advice on specific transactions
Review of systems
VAT return preparation
VAT mixed-use apportionment calculations
VAT health-check
VAT training
Al Madar can also provide specialist advice on other indirect taxes, such as customs duty.
Dr. Maged Abd Al-Hady
Director
FATCA & CRS Compliance
FATCA & CRS Compliance
The introduction of the Foreign Account Tax Compliance Act ("FATCA") and the Common Reporting Standard ("CRS") regulations has affected many financial institutions. Al Madar Kuwait has supported various financial institutions in implementing FATCA and CRS. Our team has handled some of the most intricate FATCA and CRS advisory and compliance tasks in recent years. Our services include:
- FATCA and CRS gap assessments
- FATCA and CRS training sessions
- FATCA and CRS implementation
- FATCA and CRS accounts remediation
- Assisting in creating policies and procedures for FATCA and CRS
- Conducting thorough health checks
- FATCA and CRS reporting
- FATCA and CRS certification as required by the Ministry of Finance
Dr. Maged Abd Al-Hady
Director
Private Client Services
Private Client Services
We have specialized teams across our global Al Madar network focusing on International Private Wealth, Entrepreneurial Private Wealth, US Private Wealth, and Entrepreneurial Services, and Family Private Wealth. We provide a comprehensive range of services, including asset structuring, succession planning, will planning, trust services, tax compliance, risk management, family business advisory, and family office services on a national and international scale.
We offer various tailored solutions to meet the needs of High Net-worth Individuals. With the global tax environment becoming more detailed and compliance-oriented, we can assist businesses and individuals with the following:
- Understanding the tax requirements of foreign jurisdictions
- Assisting in the preparation and filing of overseas tax returns through our Al Madar Network
- Obtaining tax residency certificates
- Advising on tax-efficient structures
- Meeting reporting and disclosure requirements
Dr. Maged Abd Al-Hady
Director
Audit Service
Our auditors provide high-quality audits that serve the public interest by promoting trust and confidence in business and capital markets.
Audit Service
International Tax
Audit services form the foundation of our client work, allowing our auditors to serve the public interest by establishing trust and confidence. Our multidisciplinary teams carry out high-quality audits, incorporating innovation to deliver value and transparency, and providing exceptional client service.
What We can do for you
The audit landscape is rapidly changing due to evolving regulations, digital transformation, increased competition, and the necessity to enhance trust in capital markets. Leading businesses are proactively addressing these challenges by investing in new technologies and business models, recognizing that industry changes can happen swiftly.
The nature of audits and financial reporting is also evolving, becoming more complex with additional qualitative disclosures. This complexity emphasizes the crucial role of professional skepticism and judgment.
At Al Madar, we are dedicated to inspiring greater confidence and trust. We aim for a comprehensive understanding of the businesses we audit, offering enhanced transparency through our audits. Stakeholders demand greater assurance and value, relying on us as trusted advisors who provide rigor and informed perspectives to guide decision-making.
Our commitment involves assembling the right multidisciplinary teams, utilizing a proven global audit methodology, and deploying cutting-edge auditing tools and technologies. Recognizing the need for both a tailored service and a consistent methodology, clients benefit from our sector and subject-matter knowledge, as well as insights from our global work.
We leverage the tax, technology, and transaction skills across Al Madar's service lines to deliver high-quality work. Our global reach and integrated structure ensure a consistent level of service and quality worldwide.
Significant investments in digital technology and innovation equip our auditors with the tools for a digital audit, reshaping our approach to understanding organizational risks and opportunities. This enables us to provide deeper insights, potentially leading to innovative business solutions.
Audits now extend beyond the audit committee and a small group of investors. Stakeholder confidence, regulatory scrutiny, and the need for quality and efficiency are crucial considerations. We strive to deliver exceptional client service to every client, regardless of size or sector.
Our integrated approach involves traditional and innovative methods. Training and deploying skilled individuals on each audit engagement, we embrace multidimensional and agile teams. Combining traditional competencies with new areas such as analytics and automation, we believe collaborative efforts with clients bring out the best in skills and teamwork on every engagement.
Private Client
Our private client audit experience
A connected, responsive and insightful approach to private client services.
Private companies are diverse, and yours is unique. Whether you're a startup, equity-backed, a family business, or a multinational market leader, a standard audit won't suffice.
- Al Madar offers a tailored private client audit experience crafted exclusively for private companies to meet their distinct needs. This specialized audit experience goes beyond a one-size-fits-all approach and aims to foster trust and confidence in both business and capital markets. It includes:
- Utilization of enhanced tools, technologies, and guidance specifically designed for private companies.
- Embracing the advantages of cutting-edge technology.
- Conducting a thorough exploration of your business.
- Delivering a high-quality audit with independence, integrity, objectivity, and professional skepticism.
Audit Quality
Audit Quality
We are committed to delivering globally consistent, high-quality audits that serve the public interest by promoting trust and confidence.
We are committed to delivering globally consistent, high-quality audits that serve the public interest by promoting trust and confidence in the capital markets, ultimately contributing to economic growth. Maintaining the highest level of audit quality is our top priority, as it is the single most important factor in our decision-making and the key measure on which our professional reputation stands.
The Sustainable Audit Quality (SAQ) program is our pledge to conduct globally consistent, high-quality audits, forming the foundation for keeping audit quality as our primary focus.
We recruit, develop, and retain the right people, embrace innovation, encourage simplification, and closely monitor our activities. The changes introduced through SAQ have required significant investment and have brought about positive changes for our people and the companies we audit, fostering trust and confidence.
Digital Audit
Digital Audit
The Al Madar Digital Audit utilizes new technology to provide high-quality audits, serving the public interest by bolstering trust and confidence.
IFRS Resources
IFRS Technical Resources
Al Madar's IFRS technical resources encompass all the technical guidance, latest thinking, and tools from our financial reporting professionals.
Consultancy
Our consultants from Al Madar deliver unparalleled strategic guidance, fostering innovation and excellence to drive sustainable growth in the business landscape.
Business Services
Business Services
In addition to audit and business advisory services, our member firms offer various business support services for clients. They collaborate with you to assess your business model and identify strategic initiatives that align with your objectives.
Functioning as an extension of your business, our firms assist in achieving an agile service delivery model for support functions, bringing both operational and strategic benefits.
IT Consultancy
IT Consultancy
In today's business world, technology systems play a vital role, often serving as the core of value creation, production, and distribution. However, the risks associated with technology failures are significant, requiring a delicate balance between harnessing the power of IT and mitigating potential risks.
Our member firms are well-equipped to address the most pressing IT challenges that companies encounter, including:
• Choosing the right technology to meet your objectives
• Conducting due diligence on IT-related matters
• Performing IT health checks to assess system efficiency
• Mitigating risks and ensuring compliance with industry standards
• Enhancing business intelligence capabilities
Whatever your specific needs may be, the experience and expertise of our members can assist you in addressing numerous IT challenges and ensure that your IT infrastructure contributes to the growth of your business.
Legal Services
Legal Services
Al Madar Network member firms work closely together to offer you a wide range of legal services and legal support. We provide integrated legal services collaborating with other Moore professionals such as tax, corporate finance and other specialisations for local and multinational clients covering different jurisdictions.
With a single point of contact member firms are able to deal with complex cross border and domestic projects. They can assist and advise you in:
Corporate Clients
- Corporate law
- M&A transactions
- Real estate
- Banking & finance
- Capital markets
- Corporate restructuring
- Private equity & venture capital & start-ups
- Formation of companies
- Corporate governance
- Labor law
- Insolvency and restructuring law
- Commercial law and contracts
- Data protection law
- IP/IT
- Construction law
- Environmental protection law
- Dispute resolution
- Energy law
- Public procurement
- State aid
- Global mobility and immigration
- Employee incentives and share options
- Employee ownership
- ESG
- Compliance
Individuals
- Advising and drafting of Wills
- Advising and drafting trusts
- The administration of deceased's estates (probate and intestacy work)
- Powers of Attorney
- Post-death tax planning
- Court of protection
Outsourcing
Outsourcing
Establishing a presence in a foreign country poses challenges, particularly when dealing with accounting records, payroll, and tax returns. Outsourcing to local experts can effectively address these concerns. In situations where there's no local senior management presence, we can oversee local staff on behalf of a head office or overseas parent.
Our member firms specialize in providing streamlined and centralized finance functions to businesses with global growth ambitions. This approach ensures you receive high-quality, up-to-date information to effectively manage and propel your business forward.
AL MADAR
Certified Accountants
Auditing theme empowers your business to move forward purposefully with conviction, certainty and direction.
SUBMIT RFP
To submit RFP send us email on info@madarkw.com
CONTACT
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