Total remittances for 2017 fell to $13.69 billion according to the Central Bank
Remittances sent home by expatriates in Kuwait rose 3.5 percent in the first quarter of 2018, according to new figures from the Central Bank of Kuwait.
In a statement, the Central Bank said that remittances totalled KD 1.029 billion ($3.4 billion) in Q1 2018, compared to KD 995 million in Q4 2017.
In 2017, total expat remittances from Kuwait fell 9.2 percent to KD 4.14 billion ($13.69 billion), down from KD 4.56 billion ($15.08 billion) in 2016.
Earlier in July, the Kuwait Times reported that the government rescinded a proposal to implement a remittance tax.
In April, Kuwait’s parliamentary financial and economic affairs committee approved bills stipulating fees on expat remittances, with the fees imposed on the KD 90 dinar ($300) salary category at one percent, two percent for the KD 100-200 ($333-$667) category, three percent for the KD 300 to 499 ($1,000-$1,664) segment, and five percent for the KD 500 to 1,664 ($1,667-$5,550) segment.
The State-run Kuwait News Agency (KUNA) quoted a Kuwaiti MP, chairperson Salah Khorshed, as estimated that the fees on remittances – which are estimated at $63 billion per year – would have brought in approximately $233 million.