Kuwait should consider introducing income, corporate and sales taxes to compensate for revenue lost from the plunge in oil prices to their lowest level since 2003, Finance Minister Anas Al-Saleh said on Thursday. The oil-exporting state should also ponder raising the cost of public services and cut government spending, Al-Saleh said, according to a statement released by the Finance Ministry.
The Kuwaiti Emir, Sheikh Sabah Al-Ahmed Al-Sabah, already signaled on Wednesday that belt-tightening was in his country’s future when he urged parliament to cooperate with the government to pass laws to reduce the budget deficit.
The Kuwaiti stock exchange index fell 1 percent as of 9:40 a.m., bringing the index to a 26 percent drop over the past 12 months. Parliament must ratify all legislation related to state spending and revenue….see more