TaxAdministrationKuwait slashes company tax from 55% to 15%

Kuwait slashes company tax from 55% to 15%

Kuwait is slashing tax on net profits of foreign companies from 55% to 15% in an effort to attract more investment

Kuwait’s parliament has passed legislation which slashes tax on net profits
of foreign companies from up to 55% to a flat 15% in an effort to attract
foreign investments to the oil-rich gulf state.

The legislation replaces a 1955 law, which has been hampering the flow of
foreign investment into Kuwait, and exempts profits made by foreign companies
from trading in stocks listed on the Kuwait bourse.

Ahmad Baqer, Kuwait MP and head of parliament’s financial and economic
affairs panel, told reporters the law would encourage foreign investors in all
sectors of the Kuwait economy, including the huge oil sector which generates 95%
of public revenue.

Mustafa al-Shamali, Kuwait finance minister, told parliament the law was
important to transform the gulf state into a regional financial and trade hub.
Kuwait has been struggling to attract foreign investment, recording a lacklustre
inflow of about $US300m (?151m) dollars in 2006, compared with $US18.7bn for the
United Arab Emirates.

Related Articles

Paul Morton, Tax Director, Office of Tax Simplification

Administration Paul Morton, Tax Director, Office of Tax Simplification

4m Emma Smith, Managing Editor
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

6m Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

8m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

8m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

2y Fraser Simpson, Reporter