Kuwait May Impose Corporate Income Tax on National Companies - Bloomberg

Kuwait May Impose Corporate Income Tax on National Companies - Bloomberg:

"Kuwait’s finance ministry is preparing a proposal to impose income tax on “national firms” to help boost government revenue, Finance Minister Sheikh Salem AbdulAziz Al-Sabah said.

“The government may adopt proposals to extend the current corporate income tax to include Kuwaiti firms besides the foreign firms,” Sheikh Salem said in an e-mailed response to questions. The ministry is also coordinating with authorities in the Gulf Cooperation Council “for the development of the value added tax, which has seen good progress so far.”

The plan to tax Kuwaiti companies, if adopted by the government, would require parliament approval. Foreign companies in Kuwait pay a 15 percent tax."

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