The Ministry of Finance raised the volume of taxes expected to be collected in Kuwait during the next fiscal year to about 565 million dinars, driven mainly by the rise in taxes on income, profits, and capital gains by 21%.
In detail, official figures, reviewed by Al-Anba, show an increase in the country’s tax revenues during 2022/2023 by about 7%, amounting to 39 million dinars, to record 565 million dinars, compared to 526.1 million during the current year.
The increase comes mainly from the rise in income, profits, and capital gains taxes, which increased by 21%, or about 27 million dinars to 158 million dinars, compared to 131 million dinars during the current year.
Taxes on international trade and transactions rose by about 10 million dinars to 389 million dinars, compared to 379 million dinars this year, while taxes on property increased by 1.55 million dinars to reach 18 million compared to 16.44 million dinars this year.
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