Extension of the customs incentives to Kuwait Direct Investment Promotion Authority (KDIPA) licensed and prospective investors for the fiscal year 2020 as per Decision No. 173 of 2020 (dated 4 May 2020).

 

 

Extension of the tax incentives to KPIDA licensed and prospective investors for the fiscal year 2020 as per Decision No. 173 of 2020 (dated 4 May 2020). 

 

Revision of the mechanism for granting tax exemptions as per Decision No. 180 of 2020 (dated 6 May 2020). This includes: (1) Defining National Labor and Training of National Labor, granting 20% annual exemption for the transfer and indigenization of technology;   (2) Amendment to the tax exemption granting mechanism for investors participating in corporate social responsibility (CSR) and environmental sustainability (ES) activities; (3) Submission of the tax exemption report shall be no later than 31 December following the end of the taxable period for which it is submitted. 

 

Reduction of KDIPA fees for all its services by 50% until 31 December 2020 as per resolution No. 105 of 2020 (dated 6 May 2020). 

 

 

Postpone social security contributions for 6 months for private sector companies.

 

On 30 March 2021, Kuwait’s Cabinet approved law to give a $2bn bonus to frontline staff battling against Covid-19 in recognition of their efforts and sacrifices. The proposed bill was approved by the parliament on May 27.

 

On 23 March 2021, Kuwait’s Parliament approved the bill on postponing the collection of installments for citizens’ loans for another six months.

 

On 30 March 2021, the Parliament approved a draft law to secure guarantees for local banks to provide financial assistance to clients whose businesses are affected by the coronavirus pandemic.

 

(Updated: May 2022)