The Kuwaiti Cabinet has endorsed a draft resolution on issuing a law imposing a 15 per cent tax on multinational entities, which have business in more than one country or a state.

 

The endorsement was given during the Cabinet's weekly meeting on Tuesday, held at Bayan Palace under chairmanship of His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah.

 

The law, which is in line with global tax standards, aims to curb tax evasion and prevent sending tax revenues to other countries, said a Kuwait News Agency report.

 

The law will come into effect as of January 1, 2025, Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Mousherji said in a statement after the meeting, according to the report.