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Kuwait sets 2025 start for 15% corporate tax in major fiscal overhaul

Kuwait has announced plans to introduce a 15% corporate tax starting in 2025 as part of a significant fiscal overhaul aimed at diversifying revenue sources and reducing the country's reliance on oil. This decision aligns with global efforts to establish a minimum tax rate for multinational corporations, as agreed upon by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting. The new tax regime will apply to large multinational enterprises with annual revenues exceeding 750 million euros, targeting primarily foreign companies operating within Kuwait. This move is expected to help address the fiscal deficit, promote economic diversification, and enhance Kuwait's attractiveness to foreign investors by creating a more predictable tax environment. The government has emphasized that this tax will not affect small and medium-sized enterprises, aiming to protect local businesses while modernizing the fiscal framework.

Read the Full Arabian Business Article at:
[ https://www.arabianbusiness.com/politics-economics/kuwait-sets-2025-start-for-15-corporate-tax-in-major-fiscal-overhaul ]