Business
Hawaii plans to increase hotel tax to help it cope with global warming
People are seen on the beach and in the water in front of the Kahala Hotel & Resort in Honolulu on Nov 15, 2020. (AP)
HONOLULU, April 30, (AP): In a first-of-its kind move, Hawaii lawmakers are ready to hike a tax imposed on travelers staying in hotels, vacation rentals and other short-term accommodations and earmark the new money for programs to cope with a warming planet. State leaders say they’ll use the funds for projects like replenishing sand on eroding beaches, helping homeowners install hurricane clips on their roofs and removing invasive grasses like those that fueled the deadly wildfire that destroyed Lahaina two years ago.
A bill scheduled for House and Senate votes on Wednesday would add an additional 0.75% to the daily room rate tax starting Jan. 1. It’s all but certain to pass given Democrats hold supermajorities in both chambers and party leaders have agreed on the measure. Gov.Josh Green has said he would sign it into law. Officials estimate the increase would generate $100 million in new revenue annually.
“We had a $13 billion tragedy in Maui and we lost 102 people. These kind of dollars will help us prevent that next disaster,” Green said in an interview. Green said Hawaii was the first state in the nation to do something along these lines. Andrey Yushkov, a senior policy analyst at the Tax Foundation, a Washington, DC-based nonprofit organization, said he was unaware of any other state that has set aside lodging tax revenue for the purposes of environmental protection or climate change.
The increase will add to what is already a relatively large duty on short-term stays. The state’s existing 10.25% tax on daily room rates would climb to 11%. In addition, Hawaii’s counties each add their own 3% surcharge and the state and counties impose a combined 4.712% general excise tax on goods and services including hotel rooms. Together, that will make for a tax rate of nearly 19%. The only large U.S. cities that have higher cumulative state and local lodging tax rates are Omaha, Nebraska, at 20.5%, and Cincinnati, at 19.3%, according to a 2024 report by HVS, a global hospitality consulting firm. The governor has long said the 10 million visitors who come to Hawaii each year should help the state’s 1.4 million residents protect the environment.
Kuwait enhances Stock Exchange access for emerging firms with amendments to listing rules.
KUWAIT CITY, July 1: Kuwait’s Capital Markets Authority (CMA) has officially launched a new regulatory environment to support the listing and trading of emerging companies on the Kuwait Stock Exchange (KSE), in cooperation with Boursa Kuwait. The initiative includes the creation of a dedicated platform for these companies, alongside key amendments to existing listing rules.
In a statement released on Tuesday, the CMA confirmed that the move is part of broader efforts to adopt international best practices, promote capital market development, diversify investment tools, and enhance both market competitiveness and transparency — all aimed at bolstering investor protection.
The approved amendments focus on strengthening listing standards by requiring companies to maintain certain conditions, including minimum thresholds for free float shares and their market value. These measures are designed to improve liquidity and ensure sustained compliance with regulatory obligations.
The Authority emphasized that supporting emerging companies is crucial to driving economic growth and aligns with Kuwait’s broader strategic vision. The newly launched market will offer an attractive financing environment for smaller and growing enterprises while providing investors with fresh opportunities governed by high transparency standards.
The regulatory framework is the result of a comprehensive study conducted by the CMA, which formed the basis for drafting specific rules to govern the emerging companies market. The platform is intended to serve as both a support system for these businesses and a dynamic investment space in line with global benchmarks.
The CMA also underscored the importance of continuously evolving the rules that govern listing conditions. This includes safeguarding investor interests by removing companies that fail to meet their obligations and ensuring adequate liquidity by enforcing minimum requirements for free float shares in both the primary and secondary market segments.
Additionally, the Authority reaffirmed its commitment to enhancing executive regulations that protect investors and empower small shareholders to actively participate in corporate decision-making processes.
This latest move is seen as a significant step toward further modernizing Kuwait’s financial sector and creating a more inclusive and diversified capital market landscape.
The Kuwait government approves tougher measures to tackle financial crimes.
KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.
The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.
During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.
The new decree law includes two significant amendments:
- Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
- Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n
The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.
Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.
Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
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