Mubasher: The Kuwaiti Cabinet endorsed a draft resolution, on 24 December 2024, issuing a law imposing a 15% tax on multinational entities, which have business in more than one country or a state, according to an official announcement.
The new tax law will come into effect as of 1 January 2025, Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al Mousherji said during the weekly meeting held at Bayan Palace under chairmanship of Prime Minister Sheikh Ahmad Abdullah Al Ahmad Al Sabah.
The law, which is in line with global taxes' standards, aims to curb tax evasion and prevent sending tax revenues to other countries.
Visit to Saudi Arabia
Meanwhile, Sheikh Fahad Yusuf Saud Al Sabah, First Deputy Prime Minister, Minister of Defense, and Minister of Interior detailed the ministers about the results of his recent official visit to Saudi Arabia and official talks with Saudi Interior Minister Prince Abdulaziz bin Saud bin Naif bin Abdulaziz.
The Kuwaiti and Saudi sides discussed some security topics of mutual concern, and reviewed security ties between the two countries, and means of boosting them.
Sheikh Fahad further stated that they focused on a mechanism of coordinating joint efforts to face international and regional challenges in a manner that achieves security and stability in the two states.
Visit to Iraq
Furthermore, Sheikh Fahad Yusuf Al Sabah briefed the cabinet on the results of his official visit to Iraq's Basra Governorate.
He inaugurated the Surgical Hospital in Basra, which was granted by Kuwaiti government, stressing that the opening of the hospital reflects the depth of fraternal ties between the two countries and embodies the State of Kuwait's firm belief in the importance of cooperation and joint work with the Republic of Iraq.
