Comte. for financial, economic reform holds 10th meeting

Comte. for financial, economic reform holds 10th meeting
Comte. for financial, economic reform holds 10th meeting

KUWAIT, June 8 (KUNA) — The Cabinet’s higher committee for following up the implementation of the nation’s plan for financial and economic reform met on Wednesday to continue perusing the plan and strategize means of carrying it out.
Today’s meeting was chaired by committee chairman and undersecretary of the ministry of finance Khalifa Hamada, a press statement by the ministry said.
Last month the committee focused on laying out possible remedies for any would be irregularities in the plan, which deals broadly with such financial reform steps as redrawing and redefining the role of the state in the national economy, increasing the contribution of the private sector to the economy, streamlining the labor market, and enacting legislation to better serve the goals set by the plan.
The nation’s plan for financial and economic reform addresses the issue of the nation’s revenues, including the imposition of a ten percent tax on corporate profits and a five percent value added tax (VAT tax) on purchases by the public ( which has been adopted by the GCC), and adjusting the lease amount charged by the state for its property given to individual or corporate investors.
On the other hand, the plan deals with rationing the nation’s total expenditures including monies spent on government ministries and agencies, stopping the establishment of new government ministries, agencies, and authorities or merging existing ones or even doing away with some.
Also, revamping current subsidies to the public and developing new approaches to preparing the nation’s annual budget. (end) khm.ajs