The Kuwaiti Cabinet has approved a draft law imposing a 15% tax rate on multinational companies operating in many countries or states.
The founding decision was given during the cabinet’s weekly session at Bayan Palace presided over by Prime Minister Sheikh Ahmad Abdullah Al Ahmad Al Sabah.
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This piece of legislation was formulated in the international aspect of taxation in the character of a deterrent to tax avoidance and the outflow of tax revenues to other countries.
As stated by Deputy Prime Minister and Minister of State for Cabinet Affairs, Shereeda Al Mousherji, the law will come into effect on January 1, 2025.
This announcement was made in the statement issued after the meeting and as reported by the Kuwait News Agency.