Kd 75.5 Million In Debt Has Been Neglected By Finance

According to the Audit Bureau, the Ministry of Finance failed to collect or settle government debt of 75.5 million dinars, violating budget implementation rules. The report for the fiscal year 2022/2023 also highlights a mere 5.3% collection rate of tax dues rolled over from previous years, totaling 342,834,142 dinars. Due to rolled-over balances from previous fiscal years, the Ministry faces scrutiny for holding 193,800,914 dinars in income tax dues.

It also reveals that the Ministry failed to settle retained balances in the local current liabilities account, totaling 16 million dinars, and outstanding amounts in various credit accounts, in violation of budget implementation guidelines. The report emphasizes the Ministry’s lack of action in settling restricted amounts, amounting to 2 million Kuwaiti dinars in liabilities accounts. Circular No. (1) of 2022 regarding closing accounts and preparing the final account was also not followed by the Ministry.

In terms of government dues, the Bureau discovered 385,627,135 dinars without explanations for non-settlement, violating Ministry of Finance Circular No. (1) of 2022. According to the report, the reduced balances in the final account should be clarified and adherence to financial instructions should be followed.

Uncollected balances of 107,144,040,000 dinars are reported in the account of national labor support dues, in violation of budget implementation rules. Similarly, retained balances in the account of Zakat Law dues from previous years amounted to 13,937,395,000 Kuwaiti dinars, contravening budget rules. It calls for legal measures to prevent the statute of limitations from preventing timely collection.

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