A government vision placed before the cabinet called for the adoption of attractive housing policies for real estate development, stressing the importance of enabling foreigners to fully own real estate assets with the imposition of related taxes, Al Qabas reported.
The vision demanded the adoption of the mortgage law and the real estate developer as a step to overcome the problems of real estate financing and participate in the development of housing projects, and the development of a new mechanism for distributing land and replacing value-added distribution systems with the lottery system.
Under the title of developing financial policies regarding the repricing of goods, services, and public assets to achieve justice in distribution and consumption, the vision demanded the following:
– The importance of imposing a new tax and increasing the excise tax on luxury goods that have an impact on the environment and public health (excise tax study project).
– Reconsidering the price policies for all public services and goods, as well as for public assets and property (public services repricing project).
– Rationalizing and directing subsidies in more sustainable and effective ways (Social Safety Net Project).
– Amending Article 12 of Law 19 of 2000 regarding imposing a tax of 2.5% of annual net profits on listed Kuwaiti companies to finance the purposes of the law.
Changing the budget structure from a cost budget to a program and performance budget.
The vision stressed the need to strengthen economic policies that attract investment within the productive sectors and digital technology, through the following:
– Building economic projects through the exploitation of oil derivatives, which enhances the diversification of commercial and employment opportunities.
– Reconsidering the mechanism of financing small and medium-sized projects to achieve the principle of effective financing efficiency (the project of converting the fund into a bank).
– Establishment of border logistics areas through partnership.
Approval of the industrial and agricultural developer to overcome the obstacles of financing and investment and to participate in the development of industrial and agricultural security.
– Approval of the commercial and digital developer to diversify investment opportunities within the commercial and digital fields.