(MENAFN- Arab Times) Ministry of Finance is preparing to implement a Tax Law on companies as of November 2019.
The companies in return will receive a package of privileges and government services with 2.5 percent reduction in labor support tax and scientific advancement tax, and one percent reduction in zakat tax from the companies revenues, reports Al-Shahed daily.
The daily quoting sources added the proposed tax imposition on Kuwaiti companies will boost the state revenues in commercial, touristic, and cultural projects, as the system will ensure strict supervision of the companies to become conversant with their surpluses, revenues and management seeing that many companies have fallen to violations.
It is worth mentioning that the tax law will be implemented on the public, closed and professional shareholding companies such as clinics, law firms, legal studies and consultancies, indicating 10 percent tax will be imposed on revenues depending on the nature of work and activity of the companies.
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