Official data shows that the government has collected in the form of taxes from companies about 900 million dinars during the past five years, specifically during the period from April 2017 to the end of March 2022.
The data showed the total taxes amounted to 787.6 million dinars, which came from income taxes from foreign companies, income tax from Kuwaiti companies to support employment, zakat proceeds from Kuwaiti companies, and companies’ contributions to state services, in addition to about 110 million dinars that came from distribution profits, in addition to revenues for issuing tax certificates or others, reports a local Arabic daily.
The data shows fiscal 2018/2019 accounted for the highest rate of collection of taxes on income, profits, and capital gains from companies and other projects, during which 181.3 million dinars were collected, in addition to a non-recurring rate of “dividend profits” of 109.94 million dinars, which is equivalent to the same value of income tax from foreign companies for the same year, bringing the total collections to 291.2 million dinars.
Fiscal 2017/2018 came second in terms of collecting the highest revenue from corporate taxes with a value of 162.16 million dinars, then came 2020/2021 with 161.5 million dinars collection, 2019/2020 was fourth with revenues amounting to 151.3 million dinars, then the year 2021/2022 ranked fifth as the lowest corporate tax collections in 5 years.
Details show that 49% of the total corporate taxes during the past 5 years come from the “income tax from foreign companies,” which accounted for 441.11 million dinars of tax revenues.
Fiscal 2018/2019 recorded the highest collection rate for that tax, with a value of 10 million dinars, followed by the year 2021/2022 with a value of 86.05 million dinars, and the year 2020/2021 came third with collections amounting to 83.37 million dinars, then the year 2019/2020 came fourth. With a value of 81.26 million dinars, and the year 2017/2018 came fifth, with collections amounting to 80.46 million dinars.
The total income tax collected by the government from Kuwaiti companies to support national labor amounted to 194.2 million dinars from the year 2017/2018 until the end of 2021/2022, and the fiscal year 2017/2018 was the highest recording revenues for labor support, which at that time amounted to 50.29 million dinars, followed by 2019. 2020, with a value of 40.76 million dinars, then 2020/2021, third, with 40.25 million dinars, then fourth in 2018/2019, with revenues amounting to 39.78 million dinars, while the year 2021/2022 recorded the lowest level at 23.09 million dinars.
The total amount collected by the government from the proceeds of zakat from Kuwaiti companies was about 40.2 million dinars, the highest of which was during the fiscal year 2020/2021, during which it collected about 11.2 million dinars, then the year 2019/2020, which came second with zakat revenues amounting to 9.7 million dinars, then the year 2017/2018 third, with a value of 7.47 million dinars, and the year 2018/2019 fourth, with revenues amounting to 7.2 million dinars, while the year 2021/2022 recorded the lowest revenue rate in this aspect, with a value of 4.56 million dinars.
The state obtained revenues from the item of companies’ contribution to state services amounting to 111.7 million dinars, including 26.66 million dinars during 2020/2021, which is the highest revenue collection rate from this aspect, followed by about 24.33 million dinars in the fiscal year 2018/2019, in the second place; thirdly, the year 2017/2018 with collections amounting to 23.86 million dinars, then the year 2019/2020 with revenues amounting to 19.5 million dinars, while the year 2021/2022 recorded the lowest average revenue with a value of 17.37 million dinars.
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