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Thursday, 21 October 2010 00:59 |
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KUWAIT: Kuwait's Minister of Finance revealed recently that a full tax law is almost ready, reported Al-Rai.
He indicated that the law will be an essential part of executing the development plan and is expected to be presented to the parliament during their upcoming term. "The ministries of finance, justice, commerce and departments such as the fatwa and legislation department have worked for years on preparing this draft," said the Minister of Finance Mustafa Al-Shamali. The law will not only cover foreign companies but also legal personalities and individuals regardless of their nationalities." He added that details regarding the exact percentage of taxes is still discussed. Currently, the local tax law only allows the country to take 15% of the net profit from foreign companies. Meanwhile, Al-Shamali asserted that the government is working on collecting dues that are owed to some ministries by consumers in exchange for some of the services they provide. Statistics indicate that the country is still owed more than a billion Kuwaiti dinars from consumers in exchange for services that include electricity, water and communication. - Kuwait Times
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