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Kuwait Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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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
Arabic

English is widely spoken

Corruption perception index (Source: Transparency International)
Rank 78/180

Very high level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
No VAT
It should be introduced in 2021 (5% rate)
Corporate Tax
15% standard rate with certain exceptions available
Zero 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 exceptions
Higher tariff is imposed on imports of tobacco, among other products

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