Kuwait to introduce corporate tax as low oil prices bite

March 15, 2016 12:38 PM

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KUWAIT CITY – Kuwait's government is proposing a 10 percent corporate tax on profits and the privatization of some publicly-run services and facilities to close a widening budget deficit brought on by a plunge in global oil prices.

The Cabinet suggests services at Kuwait's airport and some facilities owned by Kuwait Petroleum Company should be privatized.

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