Finance Min.: New Tax On Mnes Enhance Nat'l Economy

12/30/2024 3:04:47 PM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Dec 30 (KUNA) -- Imposing new taxes on multinational enterprises (MNEs) would contribute to boosting the national Economy and competitiveness, Minister of Finance and Minister of State for Economic Affairs and Investments Nora Al-Fassam affirmed on Monday.
Al-Fassam aforementioned statement came in relation to the issuance of Decree 157/2024, set to come into effect as of January 1, 2025.
Implementing this tax stresses Kuwait's endeavors for having economic development and financial sustainability, and shows keenness on creating appropriate and equal opportunities in international taxes, she noted, according to a ministry press release.
The tax also seeks to diversify income, lessen dependence on oil revenues and build flexible economy, able to overcome future challenges, she elaborated.
Kuwait's economy is approaching a new phase of diversification and competitiveness, Al-Fassam pointed out.
"The national economy is further supported by governmental legislations aiming to enhance business, attract investments and create jobs," she said.
The targeted tax is no less than 15 percent on those categories, and its implementation is in accordance with Kuwait Vision 2035 "New Kuwait" for more financial diversified and sustainable economy without depending on one source of income, she noted.
The minister said that she would inform all companies asked to implement the new tax, in preparation for holding workshops and meetings in line with a plan to reach all targeted firms.
A new executive bylaw would be made in the upcoming period to regulate implementing the imposed tax, she concluded.
Last Tuesday, the Kuwaiti Cabinet endorsed, during its weekly meeting, a draft resolution on issuing a law imposing a 15-percent tax on MNEs, which have business in more than one country or a state. (end)
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