Kuwait, 25 December, 2024 :  The Kuwaiti Cabinet has approved a draft law that will impose a 15% tax on multinational entities conducting business in more than one country or state. This decision was made during the Cabinet’s weekly meeting, which took place at Bayan Palace, chaired by Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah.

The newly proposed law aims to align with international tax standards, focusing on curbing tax evasion and preventing the outflow of tax revenues to other countries. The implementation of this tax law is expected to enhance Kuwait's tax framework and ensure greater fiscal responsibility from multinational companies operating in the region.

The law is set to take effect from January 1, 2025, as confirmed by Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Mousherji in a statement following the meeting. The move is expected to further Kuwait's efforts to modernize its tax system while ensuring compliance with global financial regulations.