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FINANCIAL NEWS
Kuwait targets $14.55b in non-oil revenues by 2014
24 Mar 2010
(MENAFN) Kuwait’s council of ministers approved a proposal to hike the state’s non-oil revenues to about $14.55 billion at the end of the 2010-2014 economic development plan’s period, Al Watan daily reported.
The proposal, made by Finance Minister Mustafa Al Shamali, aims to increase the contribution of non-oil revenues to total revenues in 2013/2014, the final year of the development plan, to nearly 30 percent from 12 percent in the base year, according to data about the plan that the paper has received.
The plan has identified three major means to achieve the growth in non-oil revenues: boosting the state’s sovereign revenues by setting up a tax system, amending act no. 78 of 1995 regarding fees and financial costs against benefits from public utilities and services, and completing the implementation of double taxation avoidance agreements, it added.
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