Latest news with #NoraAlFusam
Gulf Insider
a day ago
- Business
- Gulf Insider
Kuwait Introduces Tax on Multinationals, Eyes $820M Revenue
The Kuwait Ministry of Finance has issued a landmark decree introducing executive regulations for taxing multinational enterprise (MNE) groups — marking a major step in the country's economic reform agenda and commitment to diversifying income beyond oil revenues. The decree (No. 55 of 2025) implements Law No. 157 of 2024, which brings Kuwait in line with the OECD's Pillar Two global minimum tax framework through the introduction of a Domestic Minimum Top-up Tax (DMTT). According to the Ministry, the new regulation clarifies legal provisions, outlines implementation mechanisms, and enhances transparency in accordance with international best practices. The Ministry said the move aligns with Kuwait Vision 2035, which aims to build a more diversified and resilient economy. Finance Minister and Minister of State for Economic and Investment Affairs, Eng. Nora AlFusam, said the regulation is pivotal for creating a fair investment environment and enhancing tax justice. She added that expected annual revenues from the tax could reach around KD250m ($820m), helping build a resilient and sustainable economy. The Ministry of Finance will organise a series of awareness workshops to help explain the new tax law and its executive regulations to relevant stakeholders, ensuring smooth implementation and full compliance. The tax applies specifically to large multinational groups operating in Kuwait, in accordance with global tax fairness principles outlined by the Organisation for Economic Cooperation and Development (OECD). Also Read: Kuwait Bans Charities From Hiring Influencers And Preachers Without Prior Approval
Arabian Business
2 days ago
- Business
- Arabian Business
Kuwait introduces tax rules, expects $820m in revenue
The Kuwait Ministry of Finance has issued a landmark decree introducing executive regulations for taxing multinational enterprise (MNE) groups — marking a major step in the country's economic reform agenda and commitment to diversifying income beyond oil revenues. The decree (No. 55 of 2025) implements Law No. 157 of 2024, which brings Kuwait in line with the OECD's Pillar Two global minimum tax framework through the introduction of a Domestic Minimum Top-up Tax (DMTT). According to the Ministry, the new regulation clarifies legal provisions, outlines implementation mechanisms, and enhances transparency in accordance with international best practices. New Kuwait tax rules The Ministry said the move aligns with Kuwait Vision 2035, which aims to build a more diversified and resilient economy. Finance Minister and Minister of State for Economic and Investment Affairs, Eng. Nora AlFusam, said the regulation is pivotal for creating a fair investment environment and enhancing tax justice. She added that expected annual revenues from the tax could reach around KD250m ($820m), helping build a resilient and sustainable economy. The Ministry of Finance will organise a series of awareness workshops to help explain the new tax law and its executive regulations to relevant stakeholders, ensuring smooth implementation and full compliance. The tax applies specifically to large multinational groups operating in Kuwait, in accordance with global tax fairness principles outlined by the Organisation for Economic Cooperation and Development (OECD).
Zawya
3 days ago
- Business
- Zawya
Kuwait: Finance ministry issues regulations on MNE tax law
KUWAIT -- Kuwait's Ministry of Finance announced on Sunday the issuance of a decree introducing the executive regulations for the law on taxing multinational enterprise (MNE) groups marking a key step in the country's economic reform and commitment to fiscal balance and revenue diversification. In line with Kuwait Vision 2035, The Ministry said in a statement, the new decree (No. 55 of 2025) issues the executive regulations for Law No. 157 of 2024, which addresses the taxation of MNE groups. It introduced the Domestic Minimum Top-up Tax (DMTT) in compliance with the Organization for Economic Cooperation and Development (OECD) Pillar Two requirements. The Ministry said the regulation clarifies the law's provisions, outlines implementation procedures, and promotes transparency in accordance with international standards. Finance Minister and Minister of State for Economic and Investment Affairs, Eng. Nora Al-Fusam, stated that this regulation is pivotal for creating a fair investment environment and enhancing tax justice. It reflects Kuwait's effort to diversify income away from oil dependency, the statement continued. She added that expected annual revenues from the tax could reach around 250 million Kuwaiti Dinars, helping build a resilient and sustainable economy. The Ministry also plans to hold awareness workshops soon to explain the law and its executive regulations to the concerned parties. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
