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There is no tax liability imposed on individuals and wholly owned Kuwaiti businesses. However, tax is imposed only on foreign corporate bodies, including foreign partnerships, that conducted business in Kuwait directly or through an Agent, excluding those countries having tax treaty with Kuwait. According to a draft law approved and passed by the National Assembly of Kuwait on 26th December, 2007, the taxes on foreign companies reduced from 55% to 15% and now foreign companies are subject to pay tax rates which range from 5% to 15% depending on income of their companies. Due to recent new changing under Kuwaiti tax laws, Dr. Khaled Al-Yaqout Law Firm having good working relations with tax departments and able to provide all required legal services with the recent and new tax law implications of forming the various type of companies by local and foreign clients permitted under such jurisdictions. Kuwait is signatory to the GCC Joint Agreement and to the Arab Tax Treaty.