The Deputy Prime Minister, who is also the Minister of Finance, has been reported to say that the government is preparing a proposal to tax companies owned by Kuwaiti nationals. Under Income Tax Decree 3 of 1955 (as amended by Law 2 of 2008), only foreign companies are subject to income tax. Companies wholly owned by nationals of Kuwait are not taxable. The same applies to companies registered in Gulf Cooperation Council (GCC) member states (i.e. Bahrain, Oman, Qatar, Saudi Arabia and the UAE) and wholly owned by GCC nationals. Companies registered in Kuwait and partially owned by foreign companies...