Muslim countries to seek common ground on taxes

Kuwait will witness on Sunday the inauguration of a four-day conference aimed at drafting basic common tax principles for authorities of 20 Islamic states.

Muslim countries to seek common ground on taxes

Some of the basic objectives of the four-day conference is reaching "common views regarding the taxation systems in the Islamic states and exchanging expertise and addressing various problems relating to the taxes," said Fawzi Al-Qassar, the chairman of the conference, in remarks to KUNA.

The conference, grouping leading figures of 20 Islamic countries, will be held in line with Kuwait's efforts to transform itself into a main financial hub at the Midde Eastern and Islamic levels.

Conference

Al-Qassar, who is also Assistant Undersecretary for Financial and Taxation Affairs of the Ministry of Finance, elaborated on the goals of the Islamic multi-national gathering, saying the conferees would discuss usage of technology in the taxation sector, means of enforcing taxes on Islamic banks and investment companies.

The fourth technical conference for the Association of Tax Authorities of Islamic Countries will bring together representatives, in addition to Kuwait, from Bahrain, Brunei, Cameroon, the Comoros, Egypt, Indonesia, Iran, Iraq, Malaysia, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Sudan, Turkey, the United Arab Emirates and Yemen. Significance of the conference emanates from the basic objective of the founding of the association; to take common action by the Islamic states for upgrading the taxing systems, he said, indicating that the Islamic states need to establish their own taxing rules, independently from those imported from the West. The previous conferences at this level had been held in Malaysia, Iran and Pakistan.


Threats

Shedding light on the taxation concept in Kuwait, Al-Qassar expressed criticism of a prevailing notion; that there is no need for establishing a taxation regime, given the oil-based prosperity enjoyed by the people of the country. In the event the oil resources dried up or were targeted with certain serious threats, the state would find itself with no alternative financial income, he warned, adding that Kuwait should establish a taxation regime, while the people enjoyed high standards of living. The taxation department of the Finance Ministry has been seeking, since the 1990s, to draw up a taxation system but has faced enormous popular opposition to such approach. Establishing the association was first pondered at an Islamic summit, held in Malaysia in 2003.

KUNA

Güncelleme Tarihi: 25 Kasım 2007, 16:38
YORUM EKLE