Kuwait-Mubasher: Kuwait Finance House (KFH) said it had used a budgetary envelope to proportionally cover the tax claims on its subsidiary Munshaat Real Estate Projects.
In a report issued Wednesday, KFH stated that it owns 20.98% indirect stake of Munshaat’s capital. Therefore, the provisions it made for the tax claims are proportional to its stake in the real estate unit.
Earlier Saudi Arabia’s Department of Zakat and Income Tax unofficially put forward tax claims of KWD 153.34 million to Munshaat.
The statement added that the impact of the used provisions will be registered in the financials of FY15.
KFH settled at 495 fils at 10:10 am Kuwait local time on Wednesday.
