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FINANCIAL NEWS
VAT is vital to stability of Kuwait’s economy
02 Feb 2016
(MENAFN) Two Kuwaiti economists confirmed that charging of a value added tax (VAT) is crucial to stability of Kuwait’s economic policies and offsetting the budget lack under low oil prices.
Accordingly, the tax is related to the value of consumption and is valid to a huge variety of goods and services; its ratio is set according to the difference between the cost of product and consumer price.
Moreover, VAT is a necessary economic and social leverage which affects both the state economic policies and individuals’ behaviors since supports the tendencies to saving.
However, if the government adopts urgent measures to expand the sources of state incomes, the citizens will bear the brunt of the taxation and subsidy cuts.
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