(MENAFN- Kuwait News Agency (KUNA)) Deputy Prime Minister and Minister of Finance Anas Al-Saleh said that there is no government plans to impose taxes on individuals.
The government considers imposing taxes on national and foreign companies not individuals, , Al-Saleh told Al-Rai newspaper on Tuesday.
The minister also noted that value added tax would not be applied in Kuwait till an agreement was reached among GCC countries to apply in all GCC member states as per the recommendations of the International Monetary Fund (IMF).
Meanwhile, the official said that issuing any tax law must be passed by the National Assembly.
Moreover, he stated that the governmental subsidy on items and services need reforms, adding that it should only be provided to those in need to reduce the government spending.
As for following the UAE's footstep in lifting subsidy of fuel, Al-Saleh said that the ministry is awaiting the results of a study conducted by a consultative body on the consequences of the lifting fuel, electricity and water subsidy.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.