Latest News Updates
Kuwait: KD 900M Collected in Taxes during Past 5 Years
Kuwait City January 4, 2023:
The Kuwaiti government collected about 900 million dinars in taxes from companies during the past five years, from April 2017 until the end of March 2022.
The total taxes were 787.6 million dinars, which came in the form of income tax from foreign companies and from Kuwaiti companies to support employment, zakat proceeds from Kuwaiti companies, and companies’ contributions to state services, in addition to about 110 million dinars from profits distribution and revenues for issuing tax certificates or others.
The data disclosed fiscal 2018/2019 witnessed the highest rate of collection of taxes on income, profits, and capital gains from companies and other projects, during which they collected 181.3 million dinars, in addition to a non-recurring rate of ‘dividend profits’ of about 109.94 million dinars, which is equivalent to the value of income tax from foreign companies for the same year bringing the total collection to 291.2 million dinars.
READ ALSO : No New New Taxes Eyed in Kuwait