The Kuwaiti Cabinet endorsed on Tuesday a draft resolution on issuing a law imposing a 15-percent tax on multinational entities, which have business in more than one country or a state.
This move was taken during its weekly meeting held at Bayan Palace under chairmanship of His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah.
The law, which is in line with global taxes’ standards, aims to curb tax evasion and prevent sending tax revenues to other countries. It will come into effect as of January 1, 2025, Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Mousherji said in a statement after the meeting, according to the Kuwait News Agency.
Source: Wam.ae
