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Support Growing For Kuwati Tax Reform

by Lorys Charalambous, Tax-News.com, Cyprus

04 November 2003

Momentum for tax reform is gathering pace in Kuwait after the National Assembly’s Finance and Economy Committee endorsed Finance Minister Mohammed Al-Nouri’s proposal to remove a tax law that is considered to be a barrier to economic growth.

Referring to Tax Law 3/1955, The Arab Times reported that government sources have argued that this particular law has prevented the implementation of the Indirect Foreign Investments Law, which was first passed three years ago.

The Chairman of the Finance and Economy Committee, Abdulwahab Al-Haroun, lent his support to reform of the tax law, suggesting that it “will plug the loopholes in the law and will establish a comprehensive system to regulate tax collection."

However, Jassem Al-Saadoun, head of the independent Al-Shall economic think-tank, contended that foreign investment will only be encouraged to come to Kuwait if corporate income taxes are reduced from their current level of 55%.

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