TAX REVENUES ARE LIKELY TO RISE IN THE COMING FISCAL YEAR

  • 09/03/2022

Kuwait City: The Ministry of Finance has increased the amount of taxes estimated to be collected in Kuwait in the coming fiscal year to around KD 565 million, owing mostly to a 21% increase in taxes on income, profits, and capital gains. In detail, official records show that the country's tax receipts increased by almost 7% during the fiscal year 2022/2023, totaling to KD 39 million, to reach KD 565 million, up from KD 526.1 million in the current year. 


The increase is mostly due to an increase in income, profit, and capital gains taxes, which climbed by 21% or KD 27 million to KD 158 million from KD 131 million in the current fiscal year. Taxes on international trade and transactions rose by around KD 10 million to KD 389 million, up from KD 379 million this year. Property taxes increased by KD 1.55 million to KD 18 million, up from KD 16.44 million this year.

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