Next year’s fiscal budget forecasts 18.3% increase in taxes and fees

• The budget for 2024/2025 fiscal year estimates total expenditures at KD 24.5 billion. Of this, ten government agencies account for the majority of the spending.

• The development projects plan, infrastructure projects received the largest share, comprising about 36 projects with a total cost of approximately KD 428 million.

The budget law for the 2024/2025 fiscal year anticipates an 18.3% increase in taxes and fees, with expected revenues rising to KD 613.1 million, up from KD 518.5 million in the previous year, according to Al Qabas newspaper.

Tax revenues from income, profits, and capital gains are estimated at about KD 175.1 million, up from KD 160 million last year. Property taxes for the current fiscal year are estimated at approximately KD 20 million, compared to KD 18 million last year, with about KD 418 million expected from taxes on property, international trade, and transactions.

Government expenditures

The budget estimates total expenditures at KD 24.5 billion. Of this, ten government agencies account for the majority of the spending. The Ministry of Finance – Public Accounts leads with an estimated KD 6 billion in expenditures, followed by the Ministry of Electricity and Water with KD 3.03 billion. The Ministries of Health and Education have expenditures estimated at KD 2.7 billion and KD 2.6 billion, respectively.

The expenditures of the Ministries of Defense and Interior amounted to KD 1.8 billion and KD 1.7 billion, respectively, while the Ministry of Works had estimated expenditures of about KD 952 million, including capital expenditures of approximately KD 566 million.

Capital spending

The official publication of the decree law linking the budgets of ministries and government departments signals government agencies to start implementing their projects. The budget allocates approximately KD 2.2 billion for capital spending, which is distributed among new and ongoing projects, as well as maintenance.

Development projects

According to the development projects plan mentioned by Al-Qabas newspaper, infrastructure projects received the largest share, comprising about 36 projects with a total cost of approximately KD 428 million.

Projects aimed at enhancing the role of the private sector in the Kuwaiti economy numbered around sixteen, with a total cost of KD 72 million. Additionally, projects focused on promoting health and community well-being have a total allocated cost of about KD 140 million, covering approximately nineteen projects.