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PAI plans to close fourteen defaulting industrial plants

March 11, 2019

Administrative sanctions imposed on 7 others

KUWAIT CITY, March 10: Government’s plan to collect its dues is proceeding in full swing, and according to the procedures announced by the former, there will be no leniency towards those who default, reports Al- Nahar daily.

The daily quoting an informed source said the Public Authority for Industry, for example, has been considering the closure of 14 industrial plants until the payment of full financial dues of the authority. Those plants are scattered around Sulaibiyah, Eastern Ahmadi, Mergab Industrial Area, Amghra Industrial Area, Mina Abdullah, as well as the First, Second and Third Shuwaikh industrial Areas

Issued
In a decision issued by the Director-General of the Public Authority for Industry Abdul- Karim Taqi, it was stated that in case of non-payment of debt within a month, more severe penalties will be imposed. In a related context, PAI has imposed administrative sanctions on 7 other industrial plants and warned them of the need to work to remove their violations by 15 days or more severe sanctions will be imposed in accordance with the rules in force.

On the other hand, the Ministry of Finance has reiterated the Kuwaiti companies listed on the Stock Exchange to comply with the tax return for the fiscal year that ended 31st December 2018, within the deadline of 15 April for the end of the taxable period. The ministry also stressed the need to provide financial approval of Law No. 46 on Zakat and contribution of public shareholding and closed companies in the state budget.

The ministry explained in its circular for the second time that the provisions of the law stipulate that any person who submits incorrect statements or refrains from submitting them in order to evade the performance of the mentioned percentage of Zakat and support of national labor shall be punished by imprisonment for a period not exceeding three years and a fine not exceeding 5,000 dinars or with either of these penalties.

Arabtimesonline