Kuwait approves 10% tax on companies' profits

Kuwaiti traders follow the stock market activity at the Kuwait Stock Exchange (KSE) in Kuwait City.

Kuwait - The cabinet also approved a re-pricing of some commodities and public services, he added, without elaborating.

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By Reuters

Published: Mon 14 Mar 2016, 7:19 PM

Last updated: Tue 15 Mar 2016, 1:21 AM

Kuwaiti Finance Minister Anas al Saleh told a press conference on Monday that the cabinet had approved a plan to impose a 10 per cent tax on profits of companies.
The cabinet also approved a re-pricing of some commodities and public services, he added, without elaborating.
Corporate taxes are currently levied at different rates for local and foreign companies, although most Kuwaiti companies do not presently pay taxes on income. Other charges are levied though: some firms must pay an employment tax and make mandatory contributions for zakat, or Islamic alms, and for a scientific research foundation.

Reuters

Published: Mon 14 Mar 2016, 7:19 PM

Last updated: Tue 15 Mar 2016, 1:21 AM

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