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.
The Monetary Authority of Singapore (MAS) has recently introduced new guidelines for Single Family Offices (SFOs) applying for tax incentives under the Section 13O and Section 13U schemes. The changes
EU accelerates negotiations with US, requesting immediate 50% import tariff relief without waiting for a final agreement, before August 1 deadline, fearing impact on steel and automotive industries
On an early Thursday chilly morning in Baku, Azerbaijan, a day before the end of COP29, the annual UN-backed global climate summit, negotiators presented a revised draft of the new global climate finance
Malta must improve its implementation of three key anti-money laundering issues before it can be taken off a global watchdog’s financial crime grey list. The three points form part of an action plan