Kuwait is cooperating with the International Monetary Fund (IMF) to discuss the implementation of taxes on companies, Deputy Prime Minister and Minister of Commerce and Industry Dr. Abdulmohsen Al-Medaij said on Monday.
The Minister added the remarks following his meeting with the IMF's visiting delegation that both sides reviewed the most important articles of the new company's law, as the IMF is working on a primary report on means of applying taxes on companies operating in Kuwait.
The delegation discussed with the Ministry officials a number of articles of the new companies' law and the procedures it is taking in dealing with the imposition of taxes in order to reach a comprehensive understanding before handing the final report to the Ministry of finance, he affirmed. The IMF has been for years a consultant for a large number of governmental projects and development plans in Kuwait, he added.
The visiting delegation has been tasked to study the tax reforms in Kuwait by the country's Ministry of Finance, besides setting an institutional framework to revise the taxes policies, as the Ministry is seeking economic reforms and is working on adapting a tax system to allow diversification of income resources and increase the state's non-oil revenues.