Kuwait moves closer to selective tax system upto 25%, iiQ8
Kuwait City, 22nd March 2022:
Kuwait moves closer to selective tax system upto 25%, iiQ8
According to a study, the tax rate will range from 10 to 25 per cent
The #Kuwaiti government said it has taken steps to study the implementation of a selective taxation system, which will cover tobacco and related products, soft and sweetened drinks, expensive goods such as watches, jewellery and precious stones as well as luxury cars and yachts, instead of a value-added tax (VAT), local media reported.
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The government is unlikely to implement VAT any time soon due to the high inflation rate, and keeping in mind the global market turmoil triggered by recent developments, the media platforms said, citing sources.
The VAT system is likely to be rejected by both the national assembly and the people of #Kuwait, they said. Hence, the government is now considering the implementation of an excise tax system.
According to a study launched by the government, the selective tax rate will range from 10 to 25 per cent.
Sources expected that the selective tax will earn the government about 500 million dinars annually.
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