Kuwait is currently in the throes of debating several laws and amendments to liberalise economy which could ultimately lead to taxes on foreign firms being slashed by 30 per cent. The oil-rich country has seen world oil prices rise in the last couple of years, but is nonetheless suffering a slowdown in its economy, hence the call for many of its outdated laws to be revised and reformed.
Plans under debate include cutting tax on foreign firms to 25 per cent from the current 55 per cent, according to government sources. Planning Minister Mohammad al-Duwaihess told the local press that this had been recommended by a cabinet economic committee set up to study and propose reforms to the economy.
The government in Kuwait recently began deliberating a law for direct foreign investment in the country, allowing foreigners to set up firms and operate in Kuwait without the need for a local partner holding a 51 per cent stake, and offering several incentives including a tax holiday.
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