Kuwait City: Kuwait is set to impose a 15 percent tax on multinational companies operating in more than one country or a state starting January 1, 2025.
The Kuwaiti cabinet recently approved the draft law at a weekly meeting led by Prime Minister Sheikh Ahmad Al-Sabah.
The law, in line with global tax standards, aims to prevent tax evasion and prevent the transfer of tax revenues to other countries, the Kuwait News Agency (KUNA) reported.
On Monday, December 9, UAE’s finance ministry announced plans to increase corporate tax on large multinational enterprises from 9 percent to 15 percent starting January 1.
Earlier this month, Oman has put its intention to implement personal income tax for high incomes on hold following a meeting of the sultanate’s State Council.
In September, Bahrain announced that it will introduce DMTT on large multinationals starting January 1, 2025.
