Kuwait – An Arab country in Western Asia, is one of the smallest countries in the world in terms of land area but it has a lot of influence to the global world. An example of this is the Kuwaiti dinar, the highest-valued currency in the world.
The international mobility of Kuwaiti students that travels overseas is very high.
Kuwait, previously known for being the pioneer in the Middle East, in diversifying its earnings away from oil exports. However, Kuwait is still one of the largest petroleum exporter in the world.
The sheik, receives half of the profits, devotes most of it to education, welfare, and modernization of his kingdom. Kuwait’s research, science, and technology sector is a regional hub. It has one of the most vocal and transparent media in the Middle East.
Taxation in Kuwait is relatively straightforward for contractors. Kuwait has no personal income tax system, either on salaries or on income from business activities for local companies. The taxes that are paid by foreign companies are minimal and there is no scaled personal income tax system in comparison to countries such as the US or the UK. If you are planning contracting in Kuwait, it would be wise to consult with CXC Global on the best way to do so, and how best to balance your taxation in your country of tax residence.
With our extensive experience and expertise in contractor management, assisting organisations with their contingent workforce, CXC Global has the resources and solutions to manage the administration process associated with contracting in Kuwait, Commercial Business Visa, Work Permit, local payroll, and can assist clients realise a return on their income.