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Kuwait cabinet approves 10 percent tax on companies' profits


3/17/2016 1:22:35 PM

(MENAFN- The Peninsula)

KUWAIT: Kuwaiti Finance Minister Anas al-Saleh told a press conference on Monday that the cabinet hadapproved a plan to impose a 10 percent tax on profits of

companies.

The cabinet also approved a repricing of some commoditiesand public services he added without elaborating.

Corporate taxes are currently levied at different rates forlocal and foreign companies although most Kuwaiti companies donot presently pay taxes on income. Other charges are levied

though: some firms must pay an employment tax and make mandatorycontributions for zakat or Islamic alms and for a scientificresearch foundation.

AFP


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