WEB DESK: The Kuwaiti cabinet has approved a draft law imposing a 15 per cent tax on multinational corporations operating across multiple jurisdictions.
The decision was finalised during the cabinet’s weekly session held at Bayan Palace, chaired by Prime Minister Sheikh Ahmad Abdullah Al Ahmad Al Sabah.
According to Deputy Prime Minister and Minister of State for Cabinet Affairs, Shereeda Al Mousherji, the new legislation is designed to combat tax evasion and curb the outflow of tax revenues to other nations. This initiative aims to ensure Kuwait’s alignment with global tax frameworks and promote equitable fiscal practices.
The law is scheduled to take effect on January 1, 2025, providing multinational companies sufficient time to adapt to the new regulations.
The announcement was made in a statement following the meeting, as reported by the Kuwait News Agency (KUNA).
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