Executive Rule No. 20 mandates that fund managers, custodians, and companies managing investments for Incorporated Bodies must notify the Tax Department of specific changes. This includes amendments to registration information, cessation of business activity, or any disposal affecting equity, such as sale or assignment. The notification must be made within 30 days of the occurrence. The rule stipulates that supporting documents must be submitted for review and approval, and a new tax card application is required based on the approved changes to the Incorporated Body's information.
Executive Rule No. 20 Concerning notification of cease of activity, assignment, amendment or change in the information of investment funds and portfolios and investment in Kuwait Stock Exchange
First: Fund managers, custodians and companies which mange investment portfolios or funds or investment in Kuwait Stock Exchange in favor of Incorporated Bodies shall notify the Tax Department of any change or amendment in the information contained in the registration forms as well as in case the Incorporated Body ceases business activity or makes any change that affects equity whether through sale, assignment or swap or any other change of disposal. Such notification has to be within 30 days from its occurrence.
Second: Documents evidencing change, amendment or assignment are submitted, reviewed and approved. after fulfillment of required information.
Third: A new tax card application will be submitted based on the amendment or change in the Incorporated Body information.
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