KUWAIT, 1st April 2018 (WAM) — Kuwait Parliament’s financial and economic affairs committee in Kuwait on Sunday approved bills stipulating fees on expatriates’ financial remittances to abroad.
Kuwait News Agency (KUNA), quoted MP Salah Khorshed, the committee chairperson, as saying in a statement that the commission approved the bills with consent of two thirds of the members, provided that the taxes to be imposed on money transfers of low-income expatriates must be low.
He forecast proceeds amounting to KD 70 million (USD 233 million) out of the fees on these remittances, estimated at KD 19 billion (USD 63 billion per year).
The committee rapporteur, Saleh Ashour, stated that the panel discussed the issue extensively in consultation with legal experts.
According to proposed laws, the fees to be imposed on the KD 90 dinar salary category would be at one percent; the KD 100-200 segment two percent, the KD 300-499 segment three percent and the KD 500-1,664 segment five percent.
Source: Emirates News Agency