The Kuwait Government is planning to delay the implementation of the Value Added Tax (VAT) till 2021, according to Al Qabas.
The National Assembly Committee in charge of budgets and accounts announced the VAT postponement during a meeting.
Meanwhile, the Ministry of Finance is planning to fast-track the implementation of the excise tax, which will be levied on selected goods, mainly tobacco, energy and soft drinks.
“The implementation of the excise tax will generate up to KD200 million per annum,” said committee chairman Adnan Abdulsamad, stressing the positive impact on public health.
Minister of Finance Nayef Al Ajraf said that the government had asked the National Assembly to fast-track the excise tax ratification, expecting the levying-system to be endorsed by October.