International Journal of Accounting and Management Sciences (IJAMS)
July 2024
DOI https://www.doi.org/10.56830/IJAMS07202408
Authors
Saad Khaled Saad Mishal Al-Mutairi
Saeed Abdel Moneim Mohamed
Mohamed Ali Amin
Abstract
Value Added Tax (VAT) has been widely adopted globally as a consumption tax, but its implementation can vary significantly across countries. This study aims to develop a suggested accounting framework for applying VAT in the State of Kuwait, considering its unique economic and legal environment. Through an empirical analysis of current VAT practices in Kuwait, the study identifies challenges and gaps in the existing framework. The proposed framework outlines clear guidelines for VAT registration, invoicing, tax calculations, and reporting, ensuring compliance with both domestic regulations and international VAT standards. By addressing the identified issues and providing a comprehensive accounting framework, this research seeks to enhance VAT administration, improve tax revenue collection, and facilitate business operations in Kuwait.
Keywords: Value Added Tax (VAT), Kuwait, accounting framework, empirical study, tax compliance, tax administration.
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