Kuwait Approves 15% Tax on Multinational Corporations

KUWAIT CITY, Dec. 26 (Saudi Arabia Breaking News) – The Kuwaiti Cabinet has approved a draft resolution to impose a 15% tax on multinational entities conducting business in multiple countries. The decision was made during the Cabinet's weekly meeting at Bayan Palace, chaired by His Highness Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah.

The law, aligned with global tax standards, is designed to combat tax evasion and prevent revenue shifting to other countries. Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Mousherji announced that the legislation will take effect on January 1, 2025, according to the Kuwait News Agency.

This move positions Kuwait as part of a broader international effort to enhance tax compliance and promote equitable economic practices.