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The Kuwait cabinet has approved a six-point plan for wide-ranging medium-term economic reforms to cope with falling oil revenues and rising budget deficits, Finance Minister Anas al-Salih announced this week.
The reform plan is to be presented to parliament in the next few weeks for ratification, before the government can begin implementation. Highlighting the importance of these reforms, Mr Salih says that “even if oil prices were to rise to $100/B,” the government will proceed with the plan.
The minister said that the plan includes a 10% tax on corporate profits which would come into effect two years after passing the necessary laws. At present individuals do not pay income tax and most Kuwaiti firms do not pay taxes on profits, while many foreign firms do so at a lower rate.
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