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Kuwait mulls tax uniformity for local & foreign firms

Kuwait is considering proposal to introduce uniformity in tax rates for local and foreign companies.

According to Finance Minister, Anas Al-Saleh, there are list of taxes on local and foreign companies, there are suggestions from international institutions to study the unification of ratios on both sides.

The Minister of Commerce and Industry, Abdulmohsen Al-Mudej, said Kuwait was co-operating with International Monetary Fund to discuss introduction of corporate tax for local companies.

Kuwaiti companies generally do not pay taxes on income, although foreign firms pay a tax on commercial activities in the country, with rate on highest income bracket touching 55 percent. Introducing a new corporate tax may be a major sensitive policy shift for Kuwait.

However, there is increased pressure on state funds recently, due to fall in oil prices, and hence, officials plan to diversify revenue sources beyond oil, and plan to introduce income tax for individuals, Saleh said.




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