The total money collected from taxes and fees in the draft budget for the new fiscal year 2023/2024 decreased by 10% to 508.5 million dinars, compared to tax revenues and fees estimated at 564.6 million dinars in the budget for the current fiscal year 2022/2023.
The draft budget estimated the total amounts expected to be collected for taxes on income, profits, and capital gains at about 150 million dinars, while the expected collection of taxes on property amounted to about 18 million dinars, which are taxes that are collected on land, tourist facilities, immovable property, rental of tourist facilities, and ownership transfer fees, land and real estate.
While taxes on trade and international transactions witnessed a significant decrease, with a total of 48.6 million dinars, after the draft general budget expected to collect about 340.5 million dinars during the next fiscal year, compared to revenues amounting to 388.6 million dinars for the same item in the current year’s budget.
Customs fees and taxes are collected on imports, land fees, and taxes on international trade and transactions, such as international airport departure fees, ship permit fees, fees imposed on aircraft crossing Kuwaiti airspace, and other fees.
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