Kuwait May Tax Firms

The IMF is to prepare a preliminary report on the prospect of introducing a tax on companies in Kuwait.

The request was initiated by Kuwait, which is concerned about falling oil revenues with the collapse in oil prices, Minister of Commerce and Industry ‘Abd al-Muhsin al-Mud’ij said this week.

At present no taxes are imposed on local companies, Kuwaiti citizens or expatriates; though foreign companies pay a 15% tax on their profits.

Kuwait has discussed with the IMF ways of introducing corporate taxes for Kuwaiti and foreign companies operating in the country. This follows the recent introduction of a new corporate law. (CONTINUED - 382 WORDS)