Kuwait City (IAMINKUWAIT): Kuwait will not implement value added tax (VAT) before 2021, but is planning to push ahead with excise tax informed parliament’s budget committee. The finance ministry also the need to expedite measures for excise tax on select products such as tobacco, energy drinks and carbonated drinks. Six wealthy gulf arab oil exporting countries agreed to introduce VAT at a 5% at the start of the year and Saudi Arabia and UAE did so. The other four countries delayed of the political opposition, the potential negative impact on consumer spending and the technical challenges involved in new tax.
Kuwait has the most powerful parliament in the region , so the budget committee’s desire to delay VAT looks like to stick , although cabinet officials have called for faster tax and spending reforms. International Monetary Fund has estimated VAT in UAE will eventually collect 1.5% of GDP. Kuwait’s finance minister said on Monday that he expected parliament to approve the excise tax during its next session, which begins in October.
|Kuwait gold daily market price in global currencies|
|Gold 18K||1 Gram||8.98||29.58||2170.97||0.11%|
|Gold 21K||1 Gram||10.47||34.48||2531.19||0.1%|
|Gold 22K||1 Gram||10.97||36.13||2652.06||0.09%|
|Gold 24K||1 Gram||11.97||39.42||2893.82||0.08%|