Kuwait will introduce a new tax on multinational companies from January 1, 2025.

The Kuwaiti Cabinet has endorsed a draft resolution on issuing a law imposing a 15 per cent 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 the Prime Minister Sheikh Ahmad Abdullah Al Ahmad Al Sabah.

New Kuwait tax

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.

Source Arabian Business