Thursday , November 23 2017

KD 80 mn owed to the state yet to be settled – Companies owe 98 pct of the debts

KUWAIT CITY, July 2: Director of Financial Affairs Department at Kuwait Municipality Fawzan Al-Nemran disclosed that about KD 80 million accruable to the State Treasury is yet to be paid, reports Al-Qabas daily. In a letter sent to the Director General for Financial Affairs, Al-Nemran explained that the 2015/2016 fiscal year is running to an end and the Municipality is close to preparing the final account for the fiscal year.

The State Audit Bureau and Ministry of Finance made some observations concerning the increase in the rate of outstanding money yet to be remitted into the State Treasury. He affirmed that the Financial Affairs Department is committed to protecting the public funds due to which necessary steps are being taken to curb this phenomenon that has been prevalent for many years.

Al-Nemran revealed that debt of KD 80,718,094 payable to the government as of Dec 30th 2015 is yet to be collected, indicating that about 98 percent of the debts, which is about KD 79,109,994, were owed by companies. He declared that the department has contacted the Legal Department many times in this regard but has not yet received a response.

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