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Mon 26 Nov 2007 02:46 AM

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Tax law 'top priority' for Kuwait

Overhaul of laws to include lowering of ceiling to encourage foreign investment, finance minister says.

Tax laws are a top priority for Kuwait’s cabinet and national assembly, the country’s finance minister said yesterday.

Mustafa Al Shimali told reporters on the sidelines of the fourth Technical Conference of the Association of Tax Authorities of Islamic Countries (ATAIC), that everyone understood the importance of amending laws to accommodate the demands of the modern era.

Al Shimali said the most important point was to lower the tax ceiling from the current 55% in order to encourage foreign investors to the country.

The minister said such conferences were welcome, as the tax status in Islamic countries is developing, and in some countries is greatly developed.

The four-day conference is held under the auspices of His Highness the Prime Minister Sheikh Nasser Al-Mohammed Al-Sabah.