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Panel snubs tax proposal
September 21, 2015, 8:44 am

The parliamentary Financial and Economic Affairs Committee has rejected the recommendations of the International Monetary Fund (IMF) delegation regarding taxes as they affect the income of citizens, says Committee Secretary MP Mohammad Al- Jabri.In a press statement after meeting the delegation on Sunday, Al-Jabri said the delegation suggested imposing tax on citizens and to cancel all subsidies on services offered to the public.

He added the delegation explained that its recommendations are aimed at addressing problems in the local economy and the budget deficit since the global oil price is not expected to increase in the near future.

He pointed out the Kuwaiti economy is facing problems due to continuous oil price decline in the global market, stressing the need to be honest with the citizens particularly after the delegation affirmed that the price of oil will not increase in the near future.

He argued any method used in improving the economic situation in the country should not affect the citizen’s income, indicating the delegation called for proper implementation of ‘zakat’ (alms) and activation of laws ratified by the Parliament such as those on BOT, health insurance, tenders and small enterprises. He also quoted the delegation as saying that the development plan for 2015/2019 is ambitious, clarifying it will yield good revenues and vary sources of national income if implemented properly.

Meanwhile, sources disclosed the recommendation of the delegation to impose taxes on individuals is in line with the IMF’s studies regarding the possibility of imposing taxes on companies’ profits but it was proven later that this is not enough to cover the budget deficit.

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