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Kuwait expects 2015-16 budget deficit of nearly $20 billion
December 16, 2015, 1:59 pm

Kuwait expects the actual 2015-16 budget deficit to be between 5 and 6 billion dinars ($16.5-$19.8 billion), the Finance Ministry Undersecretary Khalifa Hamada said on Wednesday, lower than the 8.18 billion dinars the country was projecting previously.

Hamada also told journalists in Kuwait City that Kuwait planned to unify corporate taxes on local and foreign companies at 10 percent, and expected revenues from such a move to exceed 2 billion dinars a year.

The official also said that Kuwait was still studying better management of fuel subsidies, but any changes would begin with petrol. He said that better management of fuel subsidies would earn the country 1 billion dinars in savings.

Source: Reuters

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