New tax law to boost Kuwait’s non-oil revenues by 250 mln dinars
. . . part of a broader fiscal reform initiative aimed at enhancing transparency, attracting serious investors
Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, has approved the executive regulations for the Multinational Entities Group Tax Law.
The law imposes a 15 percent tax on companies operating across multiple countries or jurisdictions, aligning Kuwait with global efforts to ensure fair taxation of large multinational corporations.
The Al-Rai daily quoting informed sources said, the final version of the regulations will be issued in accordance with the deadline set for the full implementation of the law.
Once in effect, the law is expected to generate an estimated 250 million dinars in annual revenue. These funds will contribute to the government’s strategy to diversify sources of income and reduce reliance on oil revenues.
The tax is part of a broader fiscal reform initiative aimed at enhancing transparency, attracting responsible investment, and aligning Kuwait’s tax framework with international standards set by the OECD and G20.
