Kuwait Cabinet affirms Bill for Imposing 15% Corporate Tax on Multinational Entities

The Kuwaiti Cabinet approved a bill imposing a 15% corporate tax on multinational companies operating in the country. This tax is designed to enhance the government’s revenue and align with global tax practices. The decision is part of Kuwait’s broader strategy to diversify its economy away from oil dependency and bolster its fiscal position. The new corporate tax will apply to foreign entities operating in Kuwait, impacting global businesses with a presence in the country. This tax move is expected to have significant implications for international companies doing business in Kuwait.