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Kuwait Considers Corporate Income Tax For Local Firms

by Lorys Charalambous, Tax-News.com, Cyprus

20 December 2013


The Kuwaiti government may extend the corporate income tax it imposes on foreign firms to include Kuwaiti firms, Finance Minister Sheikh Salem AbdulAziz Al-Sabah told Bloomberg recently.

The Ministry of Finance is preparing a proposal on the tax, which is intended to lift government revenue. Currently the tax is applied to foreign companies at a rate of 15 percent.

Sheikh Salem also noted that the finance ministry is working in coordination with authorities in the Gulf Cooperation Council "for the development of the value added tax, which has seen good progress so far."

Kuwait is seeking to diversify its income away from oil production.

In November Kuwait's prime minister, Sheikh Jaber Al-Mubarak Al-Sabah, urged citizens to reduce their dependence on state welfare, which he called "unsustainable."

TAGS: Finance | tax | Kuwait | corporation tax | Gulf Cooperation Council

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