Kuwait approves 10pc tax on companies' profits
KUWAIT CITY: 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.