ASIA: Kuwait approves 15% Tax law for multinational entities

The Kuwaiti Cabinet has approved a draft decree-law imposing a 15% tax on multinational entities operating across multiple jurisdictions, aligning with global tax regulations. This law, aimed at curbing tax evasion and ensuring tax revenue retention, will take effect in Kuwait on January 1, 2025.

During its weekly meeting at Bayan Palace, chaired by His Highness the Prime Minister Sheikh Ahmed Al-Abdullah, the Cabinet also emphasized the importance of expediting infrastructure projects. It instructed the Ministry of Public Works, in coordination with the Public Institution for Housing Care, to fast-track contracts for sewage treatment plants serving new and planned residential areas, ensuring timely project completion.

In other matters, the Cabinet approved the minutes of the Supreme Committee for the Investigation of Kuwaiti Nationality. This included decisions to revoke Kuwaiti citizenship from individuals who had obtained it through fraud or forgery, as per the provisions of Decree Law No. 15 of 1959 and its amendments. Several other topics were discussed, with some referred to relevant ministerial committees for further study and action.

21 August 2024

AFRICA: UN tax convention moves closer but African diplomats fail to win new support

The African Group has been the driving force behind the agreement but it is a fragile triumph. African diplomats have moved closer to setting up a new United Nations tax authority focused on illicit

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HONG KONG: Hong Kong digital assets exchange warns over viability of city’s new crypto rules

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GUERNSEY FINANCE: Guernsey Boosts UK Capital Inflow

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