VAT, selective tax to bring in KD 600m

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VAT, selective tax to bring in KD 600m

Posted on : Monday 21st of August 2017

KUWAIT CITY : Ministry of Finance Undersecretary Khalifa Hamadah said the annual revenue from value added tax (VAT) and GCC unified selective excise tax is estimated at KD 600 million, which will not completely eliminate the State budget deficit but it will contribute to the promotion of non-oil revenues; thereby, reducing the deficit.

It has been reported earlier that the minister of finance prepared a draft law on excise tax — Excise Bill — in accordance with the Gulf Cooperation Council (GCC) Unified Treaty for Excise Taxation. This tax will be imposed on manufacturing, cultivating or changing the composition of excise goods; and on selective goods that are harmful and luxurious. The proposed excise tax is 100 percent of the sale or retail price of tobacco and energy drink products, and 50 percent on soft (carbonated) drinks.

In addition, excise tax will be applicable on persons who intend to import, produce and hold excisable goods; and the bill includes stipulations on registration, filing of tax returns and penalties. On postponing the implementation of VAT and GCC unified selective excise tax, Hamadah affirmed the GCC unified selective excise tax will be implemented immediately after the National Assembly’s ratification of the GCC Unified Treaty for Excise Taxation. He added the application of these kinds of taxes is easy and simple.

Courtesy : Arab Times

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