Kuwait Cabinet Approves Bill On Multinational Entities' Tax Law

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Dec 24 (KUNA) -- The Kuwaiti Cabinet endorsed on Tuesday a draft resolution on issuing a law imposing a 15-percent 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 His Highness the Prime Minister sheikh Ahmad Abdullah Al-Ahmad Al-Sabah.
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.

The Cabinet extolled the good organization of opening the Arabian football cup, KhaleejiZain 26, launched on Saturday at Jaber Al-Ahmad International Stadium, under the auspices of, and in the presence of, His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, and in the attendance of His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah.
The Cabinet expressed great gratitude and thanks to all teams tasked with organizing the tournament currently hosted by Kuwait from December 21 until January 3 for their efforts and action that resulted in the success of the opening ceremony.
The opening ceremony was in good shape that lives up to Kuwait's position at sports arenas, Al-Mousherji added.
The Cabinet commended the role by Minister of Information and Culture, and Minister of State for Youth Affairs and head of the supreme organizing committee Abdulrahman Al-Mutairi, and all members and heads of sub-committees, as well as Chairman of Kuwait Football Association Sheikh Ahmad Yusuf Saud Al-Sabah, along members, Acting Director General of the Public Authority for Sports Bashar Abdullah, all officials, public and private sectors, volunteers and civil society organizations.
Meanwhile, His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Sabah told the ministers about the outcomes of Indian Prime Minister Narendra Modi and his delegation's official visit to Kuwait on Saturday and Sunday.
They were told about the gist of Modi's meetings with His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah.
His Highness the Prime Minister also referred to his official talks with his Indian peer that focused on means of boosting bilateral historic relations for wider horizons in all fields to serve the two peoples' interest.
His Highness the Prime Minister pointed to a defense memorandum of understanding signed between the Kuwait and Indian governments, in addition to a sports executive program for 2025-2028 and other deals on enhancing cooperation between the two sides.
His Highness the Prime Minister also told the ministers that Kuwait and India agreed, during a joint statement, on upgrading their ties to the strategic partnership based on deep-seated and cordial relations.
Furthermore, First Deputy Prime Minister, Minister of Defense and Minister of Interior Sheikh Fahad Yusuf Saud Al-Sabah detailed the ministers about the results of his official visit to Saudi Arabia on Sunday and Monday, and official talks with Saudi Interior Minister Prince Abdulaziz bin Saud bin Naif bin Abdulaziz.
He said they discussed some security topics of mutual concern, and reviewed security ties between the two countries, and means of boosting them.
He further stated that they focused on a mechanism of coordinating joint efforts to face international and regional challenges in a manner that achieves security and stability in the two states.
Sheikh Fahad Al-Sabah affirmed the deep-seated relations between Kuwait and Saudi Arabia, and keenness of their leaders and governments on bolstering security integration and continuing joint coordination in all issues of mutual interest, Al-Mousherji noted.

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