Kuwait Approves 15% Tax on Multinational Companies
The Kuwaiti cabinet has approved a draft law imposing a 15% tax on multinational companies operating across multiple countries or states. The decision was made during the cabinet’s weekly session at Bayan Palace, chaired by Prime Minister Sheikh Ahmad Abdullah Al Ahmad Al Sabah.
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This new legislation aligns with international tax standards and aims to combat tax evasion while preventing the outflow of tax revenues to other nations. The law is set to take effect on January 1, 2025, according to Deputy Prime Minister and Minister of State for Cabinet Affairs, Shereeda Al Mousherji.
The announcement was made following the cabinet meeting and shared by the Kuwait News Agency.
