In March, Kuwait's then Commerce and Industry Minister, Abdulmohsen al-Madaj announced the country was working with the International Monetary Fund to introduce a corporate tax for local companies.

Saleh said there was a list of taxes on local and foreign companies and suggestions from international institutions to study unifying the ratios on both sides but did not provide any further details.

Saleh concluded by saying there no plans to introduce income taxes on individuals.

Kuwaiti companies do not generally pay income taxes on income but foreign firms pay a levy on commercial activities in the country with the rate on the highest income bracket reaching 55%.

Subscribers to Nexis® can view the full text article here: Kuwait: Income Tax for International and National Firms Under Consideration

Direct links to the full article are available on Nexis® for 24 hours and searchable thereafter.