Kuwait approved 10% corporate tax

March 16, 20160 Comments

Kuwait’s government is proposinga 10 per cent corporate tax on profits and the privatisationof some publicly-run services and facilities to close awidening budget deficit brought on by a plunge in global oilprices.

The Cabinet suggests services at Kuwait’s airport andsome facilities owned by Kuwait Petroleum Company should beprivatised.  The proposals are part of a nearly 60-page documentoutlining broad economic reforms the Cabinet says are neededto boost non-oil revenues.

The Cabinet yesterday approved the reform measures, butKuwait’s elected parliament will also have to give its backingbefore changes are enacted. It is the first economic reform package announced byKuwait since oil prices began sliding in mid-2014.

Neighbouring oil-exporting countries, like Saudi Arabia, havealready reigned back subsidies and enacted similar reforms.

Source : MSN

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