Government Intends To Increase Rental Fees For State Properties
Category: Kuwait Local News
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the government intends to increase rental fees for State properties within the current fiscal year, such that tenants will pay various rates of increment based on the outcome of studies in line with inflation, reports Al-Qabas daily.

According to the Ministry of Finance, the raise may be as high as 150 percent, while the minimum charges will be for farms, schools and cooperative societies. The regulations governing the cost of using the State property in Kuwait were not amended for several years and many of them were never amended at all.

This is the reason why the properties are undervalued to an extent that the government has been collecting charges far less than the real value, so there is a wide disparity in the amount collected from tenants and the actual value of the properties. About a month ago, the Council of Ministers mandated the Ministry of Finance to take necessary steps to lay down new regulations to amend the charges. The regulations cover about 15 sectors that include markets, chalets, farms, contracts, universities, private hospitals, resorts, recreational facilities and multi-level parking areas.

 

SOURCE : ARABTIMES

26 Apr, 2016 0 496
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