Increase in tax revenues expected next fiscal year

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KUWAIT CITY, March 8: The Ministry of Finance has raised the volume of taxes expected to be collected in Kuwait in the next fiscal year to about KD 565 million, driven mainly by the rise in the taxes on income, profits and capital gains by 21 percent, reports Al-Anba daily. In detail, official figures revealed an increase in the country’s tax revenues during the 2022/2023 fiscal year by about seven percent, amounting to KD 39 million, to reach KD 565 million, compared to KD 526.1 million in the current year.

The increase comes mainly from the rise in taxes on income, profits and capital gains, which increased by 21 percent or KD 27 million to reach KD 158 million from KD 131 million in the current year. Taxes on international trade and transactions increased by about KD 10 million to reach KD 389 million, compared to KD 379 million this year. Taxes on property increased by KD 1.55 million to reach KD 18 million compared to KD 16.44 million this year.

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