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Kuwaiti minister: We need 18 months to study the imposition of income tax on local companies
March 23, 2015, 09:35:52 PM »
Deputy Prime Minister and Minister of Commerce and Industry of Kuwait said Monday Abdul Mohsen Madj, said his country was still considering the imposition of income tax on local companies, in collaboration with the International Monetary Fund, explaining that this study could take 18 months to develop a vision viable.
The Kuwaiti minister said in a press statement on the sidelines of the opening day of an international conference on combating money laundering and terrorist financing, in Kuwait that after the completion of this study will be presented to the National Assembly (parliament) for approval is legal.
Madj said that his government does not impose such a tax aimed at a specific rate, pointing out that at this stage merely perceptions about the price of this tax.
In response to complaints from some companies that the time is not right for this step in light of the difficult situation in their own budgets, said Madj: "Apart from the opinion of companies, there are many and varied views on this subject, and there are many privileges and services that may be obtained companies from the government in return for the tax ".
The Kuwaiti minister did not disclose the type of services or privileges that may be obtained companies operating in Kuwait in return for this tax.
According to official statistics issued by the Ministry of Commerce and Industry, the number of public companies and closed (which is expected to target the upcoming tax law) company in 2620, including 206 listed companies in the Kuwait Stock Exchange.
The Kuwaiti government has imposed on the income of foreign companies 15 percent of their annual profits tax.
Madj said that his country will be guided in the development of this much tax from international experiences in this regard.
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