Kuwait has posted a preliminary budget surplus of 7.2 billion dinars (Dh91.66bn) for the first nine months of its fiscal year, in place of a projected deficit, due to higher than expected oil revenue.
The finance ministry said on its website that state revenue for the nine months from April to December of last year totalled 12.9bn dinars, or 59 per cent more than the government had forecast for the entire fiscal year ending on March 31.
Government spending of 5.7bn dinars during the period was 47 per cent of the amount projected for the year.
The Gulf state had projected a budget deficit this year of 4.8bn dinars, based on an average crude price of US$35 per barrel. Oil prices, however, rallied strongly in the past 12 months and had recovered to about $80 per barrel in late December from a $32 low the previous February. As a result, Kuwait's 12.2bn dinars of oil income during the nine-month fiscal period was nearly 76 per cent above the full-year budget projection.
Oil revenue constituted more than 94 per cent of the emirate's total income for the nine-month period. Non-oil revenue came to 724 million dinars.
In the next fiscal year starting April 1, Kuwait plans to spend about 16bn dinars and will base its new budget on an average crude price of $43 per barrel, the finance minister Mustafa al Shimali said yesterday.
Crude, however, touched a two-week high above $78 yesterday on the New York Mercantile Exchange, rising on geopolitical concerns. Iran announced it had launched a satellite-carrier rocket, heightening the fears of western powers that Tehran might be covertly pursuing a nuclear weapons programme.
Kuwait has projected budget shortfalls in the past 10 fiscal years, but ended up with large surpluses in all of them. The emirate finished its last fiscal year with a 2.8bn dinar surplus, despite making a large one-off payment to its state pension fund.
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
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Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Results
Stage 4
1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13
2. Gaviria (COL) UAE Team Emirates
3. Pascal Ackermann (GER) Bora-Hansgrohe
4. Sam Bennett (IRL) Deceuninck-QuickStep
5. Caleb Ewan (AUS) Lotto Soudal
General Classification:
1. Adam Yates (GBR) Mitchelton-Scott 16:46:15
2. Tadej Pogacar (SLO) UAE Team Emirates 0:01:07
3. Alexey Lutsenko (KAZ) Astana Pro Team 0:01:35
4. David Gaudu (FRA) Groupama-FDJ 0:01:40
5. Rafal Majka (POL) Bora-Hansgrohe
Killing of Qassem Suleimani
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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