Kuwait Approves New Bill on Taxing Foreigners
The Kuwaiti cabinet has approved a bill to lower taxation on foreign companies operating in the emirate to a maximum of 25 percent of net profits, said reports.
Under the existing law, foreign companies pay up to 55 percent of their net profits as taxes, a factor which is blamed for limited foreign investment, reported the BBC.online.
The bill must now be approved by parliament before it can become law.
It is one of a list of economic reform bills which Kuwait has introduced in a bid to boost its economy.
In August 2000, the Kuwait Stock Exchange was opened to foreigner investors, and in March, parliament passed the first reading of a foreign investment bill which offers incentives, including tax holidays of up to 10 years – Albawaba.com