Locally grown shrimp hits Kuwaiti market in food security milestone
This success was made possible through biofl oc technology, which recycles water without the need for antibiotics or chemicals, ensuring a safe and environmentally friendly product. KISR successfully adapted this technology to suit the unique characteristics of Kuwaiti groundwater, despite challenges posed by its unbalanced ionic composition. This year, the project experienced a significant milestone with the introduction of locally farmed shrimp to the Kuwaiti market for the first time. Dr. Al-Subaie described this as an encouraging step for the private sector to help reduce Kuwait's heavy reliance on imported shrimp, which currently accounts for over 70 percent of the country's shrimp consumption. She stressed that these promising results open the door to new investment opportunities and create jobs for Kuwaitis in aquaculture for supporting sustainable development goals and strengthening local food security. Dr. Al-Subaie also revealed that KISR has submitted a proposal to the government to establish an 'economic fish farming complex' at the Ghadi Desert site, spanning 100,000 square meters, with an estimated annual production capacity of 1,200 tons of various fish species including sea bream, grouper, mullet, and shrimp, along with the production of feed and fish products.
Al-Seyassah/Arab Times Staff
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Challenges and preparations for MNEs in Kuwait For MNEs operating in Kuwait, preparing for GloBE Income calculations presents significant challenges: • Data granularity: Companies need to collect and analyze financial data at a highly granular, entity-by-entity and jurisdictional level – often far more detailed than their current tax or even accounting systems might readily provide. • System readiness: Existing accounting and enterprise resource planning (ERP) systems may not be configured to automatically generate GloBE-compliant income figures, necessitating significant system upgrades or manual adjustments. • Expertise: Understanding and correctly applying the numerous GloBE adjustments requires specialized tax and accounting expertise. A new era of profit measurement The concept of GloBE Income or Loss is a cornerstone of the global minimum tax framework. It represents a shift from diverse national tax bases to a standardized, internationally agreed-upon measure of profit, specifically designed to identify and tax undertaxed income. For Kuwait, mastering the intricacies of GloBE Income calculation is not just about compliance; it is about effectively leveraging the Pillar Two rules to secure our fair share of global corporate profits, ensuring a more stable and prosperous economic future for our nation. As companies adapt, the precision in defining and measuring this 'GloBE Income' will be fundamental to the success of this transformative tax reform. NOTE: Hassan M Abdulrahim is a Senior Instructor (Business) at Canadian College Kuwait and CEO & Co-founder of Visionary Consulting Company
