Kuwait plans to impose new taxes because of lower oil prices 1/22
Kuwait plans to impose new taxes because of lower oil prices
Date: 01/22/2016 09:22
Information / BAGHDAD / ..
Kuwait plans to impose four types of new taxes in addition to the removal of subsidies on basic items, and in light of falling oil prices.
The Kuwaiti Finance Minister Anas Saleh on the importance of applying the policy to increase government revenues in light of the current economic conditions, the impact of the oil price in the general budget and the budget deficit.
Saleh pointed out that the increase in government revenues would be through the application of a policy to impose direct taxation of personal tax, business tax, in addition to indirect taxes, from which service tax, and consumption tax.
He pointed to the government's efforts to raise the cost of public services, with the rationalization of government spending.
Kuwait also moving under the fall in oil prices to record lows, which impacted negatively on government revenues and stop supporting background material.
Kuwait is the only country among the Gulf Cooperation Council (GCC) that have not yet fuel and electricity prices raise, though it canceled last year to support diesel and kerosene prices, in light of falling crude prices.
Oil has lost more than three-quarters of its price since mid-2014, although it contributes about 94% of revenue Aovernmah.anthy / 25 s