KUWAIT CITY, April 25: A tax system will be implemented by the beginning of 2013 in all GCC countries, says a reliable source in the Ministry of Finance, adding “it will include comprehensive tax, income tax on foreign and local companies and added value tax,” reports Awan daily.
Professor of Economics at Kuwait University Dr Abbas Al-Majren confirmed that a bill called the ‘Full Tax Law’ is with the Cabinet, but expressed fears that companies might pass on the burden of taxes to consumers by increasing the cost of their products. He, therefore, suggested that the government gradually increase the percentage of taxes by initially starting with 10 percent, “so that everyone gets used to them.”