Kuwait ap­proves 10pc tax on com­pa­nies' prof­its

The Pak Banker - - 6BUSINESS -

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.

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