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Tag Archives: subsidy

‘Subsidy cut on 17 commodities to be implemented in this fiscal year’ – GMRP eyes to transfer 59,000 Kuwaitis from public to private sector

KUWAIT CITY, Dec 12: High-ranking sources from the Ministry of Finance have said the decision to reduce subsidy on 17 commodities, including fuel, will be implemented in the current fiscal year (2015-2016) to increase non-oil revenue. The source stated that government has requested “Ernest & Young” to expedite and present …

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Tax rise on firms eyed; subsidy ‘rationalization’

KUWAIT CITY, Dec 8, (Agencies): Kuwait may raise the corporate tax rate to 10 percent for local firms and impose limits on energy subsidies, the commerce minister told a local newspaper on Tuesday, part of a broad move to introduce fiscal reforms amid pressure from low oil prices. Corporate taxes, …

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Kuwait, Gulf warm to subsidy cuts – MP URGES MEASURES TO CURB IMPACT OF OIL PRICE DROP

KUWAIT CITY, Dec 7: Kuwait’s government is showing a willingness to push forward fiscal reforms including subsidy cuts needed to support its currency in an era of low oil prices, a senior IMF official said. Gulf states, including Kuwait, traditionally relied on petrodollar revenues to fuel public sector spending and …

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High-earners may lose ration card ‘privilege’

KUWAIT CITY, Nov 28: In the process of streamlining expenditures to cover about KD 7 billion budget deficits, the Council of Ministers in a matter of days will begin to approve some economic procedures to support revenues. The procedures will include cutting down the rate of subsidies on oil products, …

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MP slams ministry for failure to control hike in goods rates – ‘KD 28,000 monthly salary and govt subsidy too’

KUWAIT CITY, Nov 24: MP Faisal Al-Kandari has criticized the Ministry of Commerce and Industry for its alleged failure to control prices of consumer goods, stressing the need for everyone to stand firm against the unjustified price hikes. He called for intensified efforts to control prices, especially since the Ministry …

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Gulf states begin to tackle subsidy reform

KUWAIT CITY, Sept 28:  For decades, GCC countries have had some of the world’s most generous energy subsidies. With oil prices reaching new lows, authorities are increasingly turning to subsidy reform to help reduce large fiscal deficits.  The cost of GCC energy subsidies have long been perceived as unsustainable in …

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