In this photo taken Feb. 10, 2016 with a fish-eye lens protestors hold a sign that reads "No Methanol," as they protest in Tacoma, Wash., outside a public meeting to gather opinion on a proposed methanol plant that would be built at the Port of Tacoma. The Pacific Northwest is poised to become a global hub for methanol production if the plant and two other proposed refineries are built along the Columbia River and Puget Sound, but opponents have raised concerns about potential environmental and health impacts. (AP Photo/Ted S. Warren)

Kuwait to introduce corporate tax as low oil prices bite

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Kuwait City, Mar 15 (AP/UNB) — Kuwait's government is proposing a 10 percent corporate tax on profits and the privatization of some publicly-run services and facilities to close a widening budget deficit brought on by a plunge in global oil prices.

The Cabinet suggests services at Kuwait's airport and some facilities owned by Kuwait Petroleum Company should be privatized.

The proposals are part of a nearly 60-page document outlining broad economic reforms the Cabinet says are needed to boost non-oil revenues.

The Cabinet on Monday approved the reform measures, but Kuwait's elected parliament will also have to give its backing before changes are enacted.

It is the first economic reform package announced by Kuwait since oil prices began sliding in mid-2014. Neighboring oil-exporting countries, like Saudi Arabia, have already reigned back subsidies and enacted similar reforms.

source: http://unb.com.bd/article/kuwait-to-introduce-corporate-tax-as-low-oil-prices-bite

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