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Finance faces scrutiny over KD 75 mn debt neglect

Finance Kuwait City 22 Nov 23
Finance faces scrutiny over KD 75 mn debt neglect
Finance ministry faces scrutiny over KD 75.5 million debt neglect.
Fee
Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
22 November 2023, 12:00 AM
End Time
31 December 2023, 12:00 AM
Website

The report for the fiscal year 2022/2023 by the Audit Bureau has uncovered that the Ministry of Finance neglected to collect or settle government debts amounting to 75.5 million dinars, violating budget implementation rules.

The report also highlights a mere 5.3% collection rate of tax dues rolled over from previous years, totaling 342,834,142 dinars. The Ministry faces scrutiny for holding balances rolled over from previous fiscal years, including income tax dues of 193,800,914 dinars, breaching budget rules.

Also, the Bureau reveals that the Ministry failed to settle retained balances in the local current liabilities account, totaling 16 million dinars, and outstanding amounts in various credit accounts, violating budget implementation rules and circulars.

The report highlighted the Ministry’s lack of action in settling restricted amounts, amounting to 2 million Kuwaiti dinars in liabilities accounts. The Ministry also failed to adhere to Circular No. (1) of 2022 regarding closing accounts and preparing the final account.

In terms of government dues, the Bureau discovered recorded tax dues of 385,627,135 dinars without detailed explanations for non-settlement, breaching Ministry of Finance Circular No. (1) of 2022. The report urges adherence to financial instructions and demands clarification on reduced balances in the final account.

Regarding support for national workers, the Bureau discloses uncollected balances in the account of national labor support dues, reaching 107,144,040,000 dinars, in violation of budget implementation rules.

Likewise, retained balances in the account of Zakat Law dues from previous years amounted to 13,937,395,000 Kuwaiti dinars, contravening budget rules. The Bureau calls for legal measures to ensure timely collection, preventing statute of limitations.

Kuwait Finance ministry