Kuwait to introduce new corporate tax initiative 

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Mon, 2023-11-06 19:10

RIYADH: Kuwait is poised to reform its tax system in its efforts to join the OECD/G20 Inclusive Framework on base erosion and profit shifting, as it is the only Gulf Cooperation Council state that has yet to become a member.

BEPS refers to tax planning strategies used by multinational enterprises that exploit gaps and mismatches in tax rules to avoid paying tax, according to the official website of the Organisation for Economic Co-operation and Development.

 The Kuwaiti government is set to introduce a new corporate tax initiative, known as the ‘Business Profits Tax Law,’ as part of a complete plan to revamp the existing tax framework.
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