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Kuwait Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
2,916,467 (July 2018 est.)GDP (PPP)
$289.7 billion (2017 est.)GDP growth rate
-3.3% (2017 est.)The economy slowed sharply after the oil price crash
GDP (PPP) per capita
$65,800 (2017 est.)Very high. Extremely high income inequality
Local currency
Kuwaiti dinar (KWD)Stable currency
Financial stability (Public debt)
20.6% (2017 est.)Low, however it has grown a lot over the last 2 years due to oil prices declining
Inflation
1.5% (2017 est.)Low
Language
ArabicEnglish is widely spoken
Corruption perception index (Source: Transparency International)
Rank 78/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
No VATIt should be introduced in 2021 (5% rate)
Corporate Tax
15% standard rate with certain exceptions availableZero corporate income tax on companies wholly owned by the nationals of Kuwait or other Gulf Cooperation Council (GCC) countries (Bahrain, Oman, Qatar, Saudi Arabia, and the United Arab Emirates).
Duties
Custom duties are nomally 5% on CIF price, subject to certain exceptionsHigher tariff is imposed on imports of tobacco, among other products
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