Kuwait's government has enacted a bill which slashes the rate of corporate tax on the revenue of foreign firms to 15%, it emerged this week.
The bill, which was officially approved eight months ago, will not only see the rate of corporate tax drop from 55% to 15%, but will also see gains made by foreign investors trading on the stock exchange become exempt from taxation.
The moves are designed to boost foreign investment, and decrease reliance on oil revenue.
The official gazette contained a 48-article memorandum explaining how the new law will be implemented, according to regional media reports.
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