Kuwait is studying proposals to introduce similar tax rates for local and foreign companies, according to the country’s Finance Minister Anas al-Saleh.

Speaking on the sidelines of a business conference on 19 April, Al-Saleh said the ministry is considering advice from international financial institutions to look at creating equal tax rates for local and international firms.

Kuwaiti companies currently do not pay taxes on income. Foreign companies pay a levy on commercial activities in the country, with the tax rate reaching 55 per cent for the highest income bracket.

In March, the Ministry of Commerce said it was cooperating with the Washington-based IMF to discuss looking at proposals to introduce corporate tax for local companies.

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