For GCC citizens or those who are working in GCC countries, you can count your days of seeing a clean paycheck every month… coz it will soon become history!
As reported in Gulfnews.com today, Kuwait will one day have to impose taxes on personal income. No timeframe was given though. But once it is implemented, I’m sure it will be rolled-over to the whole GCC. Damn…
“The service provided to nationals comes at a very high cost which can be shouldered by the state for some time but not all the time. There will come a day when the state will find itself obliged to impose taxes,” the Emir Sheikh Sabah Al Ahmad Al Sabah told new local newspaper Al Nahar in an interview. Kuwaitis have long been accustomed to a cradle-to-grave welfare state with benefits ranging from large long-term housing loans and marriage grants to free education and health services. As in other Gulf oil-producers, petrodollars have buoyed the welfare system that many economists say cannot be sustained as a growing population puts increasing pressure on state coffers. “Oil will not last forever,” said Sheikh Sabah.