Kuwait expects 2015-16 budget deficit of nearly $20bn

Finance Ministry official says Kuwait is still studying better management of fuel subsidies
Kuwait expects 2015-16 budget deficit of nearly $20bn
Kuwait
By Reuters
Wed 16 Dec 2015 01:45 PM

Kuwait expects the actual 2015-16 budget deficit to be between 5 and 6 billion dinars ($16.5-$19.8 billion), the Finance Ministry Undersecretary Khalifa Hamada said on Wednesday, lower than the 8.18 billion dinars the country was projecting previously.

Hamada also told journalists in Kuwait City that Kuwait planned to unify corporate taxes on local and foreign companies at 10 percent, and expected revenues from such a move to exceed 2 billion dinars a year.

The official also said that Kuwait was still studying better management of fuel subsidies, but any changes would begin with petrol. He said that better management of fuel subsidies would earn the country 1 billion dinars in savings.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.