Saturday , September 22 2018

‘59 pc tax rate imposed on foreign oil firms’

KUWAIT CITY, March 7: The tax rate imposed on foreign oil companies that operate in the divided zone between Kuwait and Saudi Arabia and are subjected to the laws of Kuwait is 59 percent, reports Al-Shahed daily quoting informed sources.

They said the tax rate is based on several factors topped by the companies’ income and the concluded contracts. The sources revealed that Kuwait has started preparations for resuming production gradually in the joint oil fields with Saudi Arabia.

They explained that the tax laws and systems in Kuwait are divided based on several categories. First is the Zakat tax, which obliges Kuwaiti joint-stock and closed companies to pay Zakat tax of one percent of the annual net profits to Ministry of Finance. Second is the national labor subsidy tax, which obliges the Kuwaiti joint-stock companies to pay tax of 2.5 percent of the annual net profits.

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