The Hindu : Business : Kuwait may cut tax on foreign cos.

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Friday, Jul 08, 2005

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Business

Kuwait may cut tax on foreign cos.

Parliament committee finalises report

KUWAIT CITY: A Kuwaiti parliamentary financial committee has finalised its report on a proposal to reduce tax on the profits earned by foreign companies, the Kuwait Times reported on Thursday.

The Chairman of the Financial and Economic Affairs Committee, Abdulwahab Al-Haroun, was quoted as saying that the committee had put forward two amendments to the current taxation law to reduce the current tax on foreign companies from 55 per cent to 15 per cent. Besides, the committee added a new provision to the existing law giving Kuwaiti companies exemption from any tax, which was in contravention with the World Trade Organization (WTO) regulations, said Al-Haroun.

The Chairman added the committee had been pressing the Kuwaiti Government to bring in a comprehensive income-tax law that applied to foreign and local companies, but sparing the low-income people.

Kuwait has been trying hard to lure foreign investors into the country to invest in major projects, but failed to achieve any significant breakthrough. — Xinhua

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