DAVOS, Switzerland, Jan 22: Kuwaiti Finance Minister and Minister of State for Economic Affairs and Investment, Noura Al-Fassam, stated that there is currently no income tax on individuals in Kuwait. However, the government is studying the potential implementation of such a tax in cooperation with the Gulf states. Al-Fassam emphasized that any new tax would need to be beneficial to the state and aligned with its priorities.

In a statement to the Al-Arabiya channel on the sidelines of the World Economic Forum in Davos, Al-Fassam expressed optimism about Kuwait's development prospects, projecting economic growth of approximately 2.6% this year. She highlighted that Kuwait is focusing on attracting investments in key sectors such as renewable energy, infrastructure, tourism, and technology.

Al-Fassam also mentioned the country’s goal to initially increase non-oil revenues to 10%, with aspirations to achieve even higher percentages, similar to other Gulf nations. She expects the public debt law to be activated soon to support ongoing financial and economic reforms.

Kuwait plans to conduct a study and consultations to determine the best timing for entering the markets. The government is working to diversify its revenue sources, stabilize expenditure ceilings, and accelerate sustainable economic development. Al-Fassam further pointed out that the activation of the public debt law will enable the state to borrow from markets, especially given the country's strong financial reserves and high credit rating.