By: Ahmad Awad
Kuwait – Mubasher: Kuwait is expecting to collect KWD 500 million ($1.6 billion) each year from applying the value-added tax (VAT), sources told Mubasher.
The Kuwaiti finance ministry is coordinating with Ernst and Young to prepare the draft law of the new VAT, the sources added.
Kuwait’s consumer price index (CPI) is expected to increase 1% after imposing the VAT, while its current level is 3.8%.
Sources told Mubasher that the VAT will be applied by January 2018.
Meanwhile, the Kuwaiti finance minister Anas Al-Saleh noted that the GCC countries are about to give the final signature on the VAT laws this week.
Translated by: Ingy ElSafy
