Kuwait Will Collect 565 Million Dinars In Taxes Next Year

Kuwait's Ministry of Finance increased the amount of taxes estimated to be collected in the next fiscal year to almost 565 million dinars, owing to a 21% increase in taxes on income, earnings, and capital gains.

According to official numbers analyzed by Al-Anba, the country's tax income increased by almost 7% in 2022/2023, totaling 39 million dinars, to a record 565 million dinars, up from 526.1 million in the current year.

The increase is mostly due to an increase in income, profit, and capital gains taxes, which jumped by 21%, or nearly 27 million dinars, to 158 million dinars, up from 131 million dinars this year.

Taxes on foreign commerce and transactions grew by roughly 10 million dinars to 389 million dinars, up from 379 million dinars this year, while property taxes jumped by 1.55 million dinars to 18 million dinars, up from 16.44 million dinars.

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