Kuwait Parliament’s financial and economic affairs committee approved bills on Sunday stipulating fees on expatriates’ financial remittances to parties outside the country.
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 KD70 million ($233 million) out of the fees on these remittances, estimated at KD19 billion ($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 KD90 dinar salary category would be at 1 per cent; the KD100-KD200 segment 2 per cent, the KD300-Dh499 segment 3 percent and the KD500-KD1,664 segment 5 percent.
Source: Gulf News