Kuwait collects KD 900m in taxes during past five years
The government has collected about 900 million dinars in taxes from companies during the past five years, specifically from April 2017 until the end of March 2022, reports Al-Anba daily.
The data showed that the total taxes were 787.6 million dinars, which came in the form of income tax from foreign companies, income tax from Kuwaiti companies to support employment, zakat proceeds from Kuwaiti companies, and companies’ contributions to state services, in addition to about 110 million dinars that came from profits distribution, in addition to revenues for issuing tax certificates or others.
The data disclosed fiscal 2018/2019 witnessed the highest rate of collection of taxes on income, profits, and capital gains from companies and other projects, during which they collected 181.3 million dinars, in addition to a non-recurring rate of “dividend profits” of about 109.94 million dinars, which is equivalent to the value of income tax from foreign companies for the same year, bringing the total collection to 291.2 million dinars.
Fiscal 2017/2018 was the second highest revenue earner from corporate taxes worth 162.16 million dinars, then 2020/2021 with collections of 161.5 million dinars, and 2019/2020 was fourth with revenues amounting to 151.3 million dinars, then the year 2021/2022 ranked fifth as the lowest corporate tax collections in 5 years.