Corporate law to be ready in 18 months

The corporate law is still under examination and final wording may finish in 18 months, announced the Deputy Prime Minister and Minister of Commerce and Industry Abdulmohsen Al-Madaj on Monday. - Minister Al-Madaj, in statement to reporters on sidelines of a conference, themed "contribute to combating money laundering and terrorism funding," indicated that both the ministries of finance and commerce have been involved in drafting the corporate' bill, which would be submitted to the National Assembly.
Minister Al-Madaj indicated that the involved strategists have not reached a final decision on taxes that would be imposed on the companies.
In exchange for the fees that will be levied on companies, there will be a package of privileges and services that the government will offer to the corporates, he said.
On the issue of amending the capital market law, he indicated that all proposals forwarded by MPs in this respect were being examined.
Elaborating in his address to the conferees, the minister noted that Kuwait had endorsed Law Number 106 (2013) on combating money laundering and terrorism financing.
The money-laundering department at the ministry organizes this conference every year.
Source: KUNA