Kuwait's Ministry of Finance has revealed that a supplementary local minimum tax, the value of which will not be less than 15 percent, will be imposed on the group of multinational entities operating in the country, starting next January. The imposition of this tax stems from the vision of the State of Kuwait 2035 towards a more diversified and financially sustainable economy away from relying on a single source of income.
The supplementary local minimum tax is part of the OECD's "two-pillar solution" project, which obliges large multinational companies to pay a tax of at least 15 percent on their profits in each country in which they operate.
The move followed the UAE's imposition of a similar tax on major multinationals operating in the country starting from January.
Source (Al-Arabiya.net Website, Edited)
