07.03.23

New financial report recommending the implementation of VAT

According to a recent report by IMF (International Monetary Fund, Kuwait), the government should collect more non-oil tax revenues and implement a 5% VAT scheme as the country’s economy has begun to recover from the global pandemic. Additionally, the report recommends levying excise taxes on tobacco and sugary drinks.   

The report recommends investing the collected revenues in renewable energy and transportation.