State real estate valued at KD 46.8 billion in 2023/2024 budget

• Collected oil revenues totaled KD 21.5 billion, exceeding the estimate of KD 17.16 billion by KD 4.3 billion, with a collection rate of 125.4 percent.

• The estimates for taxes and fees, which encompass all types of taxes and fees collected by government units, were about KD 518.5 million.

The Ministry of Finance’s explanatory memorandum for the fiscal year 2023/2024 reveals that the value of state property is approximately KD 46.8 billion. This figure reflects the pricing and valuation of all state real estate assets, including buildings and land, according to Al Jarida newspaper.

The memorandum stated that the increase in collected oil revenues over the estimated amount is due to the rise in the price of oil during the fiscal year 2023/2024.

Kuwaiti export crude averaged $84.36 per barrel

The average price of Kuwaiti export crude, according to the final account from the Ministry of Oil, was $84.36 per barrel, while the estimated price in the general budget was $70.

Collected oil revenues totaled KD 21.5 billion, exceeding the estimate of KD 17.16 billion by KD 4.3 billion, with a collection rate of 125.4 percent.
Regarding non-oil revenues, the estimates for taxes and fees, which encompass all types of taxes and fees collected by government units, were about KD 518.5 million. The actual collected revenues amounted to KD 550.9 million, a difference of KD 32.3 million, with a collection rate of 106.2 percent.

The Ministry of Finance attributed the increase to higher collections in certain revenue chapters, with the General Administration of Customs collecting the most, totaling about KD 355.5 million, or 64.5 percent of the second chapter’s total. This increase was due to higher collections from customs taxes and other types. The Ministry of Finance/General Administration followed with KD 161.32 million.

In terms of revenues from goods, services, and other sources, the Ministry of Electricity and Water had the highest revenue estimate relative to Chapter Five, with an estimated KD 719 million, representing 45.7 percent of the total estimates.

However, the total collected revenues were KD 483.6 million, or 33.4 percent, due to lower collections in electricity and water services.

The Ministry of Interior followed with an estimate of KD 203.6 million, representing 12.9 percent of Chapter Five’s total estimates, while the collected revenues were KD 167 million, attributed to increases in government service fees and confiscations of bank guarantees.