World Economy

Kuwait Tax Proposal

Kuwait Tax ProposalKuwait Tax Proposal

Kuwait is studying proposals to introduce the same tax rates for local and foreign companies, Finance Minister Anas al-Saleh said, AMEinfo reported. “There is a list of taxes on local and foreign companies – there are suggestions from international institutions to study the unification of the ratios on both sides,” Saleh said. Last month Minister of Commerce and Industry Abdulmohsen al-Madaj, who has since resigned, said Kuwait was cooperating with the International Monetary Fund to discuss introducing a corporate tax for local companies. Saleh is now acting commerce minister in the wake of Madaj’s departure. At present, Kuwaiti companies generally do not pay taxes on income, although foreign firms pay a levy on commercial activities in the country with the rate on the highest income bracket reaching 55%, according to a government website.