VAT at start of fiscal ’21-’22

KUWAIT: A recent economic report says the value added tax (VAT) will be imposed in Kuwait at the beginning of the fiscal 2021/2022, which begins on the first of April 2021, reports Annahar daily.

However, the fees on tobacco and soft drinks will be imposed in 2020/2021 starting in April 2020, with a slight increase expected in government fees for services and some additional rationalization in current spending.

The report, a copy of which has been obtained by the daily, predicted non-oil sector contribution of 12.5 percent as a proportion of the GDP in fiscal 2024/2025.

The report of the Ministry of Finance economic team for March 2019, citing the International Monetary Fund (IMF), said the balance of the general budget of the state will deteriorate by about 9 percent due to the expected decline in oil revenues from current levels.

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *