Deloitte Kuwait Tax Principal, Ihab Abbas, who facilitated the seminar, said:
"The main purpose of the amendments is to promote foreign investment in Kuwait. The foreign investment law grants several advantages including tax exemption for up to 10 years. Foreign companies working under the old law were concerned that they faced a tax rate of up to 55% and in many instances this represented a real barrier to inward investment. Decreasing the tax rates to a 15% flat tax rate encourages foreign companies to reconsider their strategy regarding their operations in Kuwait".
Abbas added: "Another main driver for the amendments is to correct former deficiencies and ambiguities and also to protect the interests of Kuwaiti distributors and traders."
Commenting on the selection of Dubai as a venue for the "Kuwait Tax Seminar", Nauman Ahmed, the ME regional leader for tax services, explained that the new law amendments target international companies operating in Kuwait, many of which have their regional ME head offices located in the Emirate.
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Posted by Eman Hassan
