Kuwait's new remittance fees to bring in $233m per year

Remittances from Kuwait are estimated at $63 billion per year
Kuwait's new remittance fees to bring in $233m per year
By Bernd Debusmann Jr
Mon 02 Apr 2018 09:11 AM

Kuwait’s parliamentary financial and economic affairs committee has approved bills stipulating fees on expat remittances to abroad which are expected to bring in over $230 million to Kuwaiti coffers, according to the state-run Kuwait News Agency (KUNA).

According to the proposed laws, the fees imposed on the KD 90 dinar ($300) salary category would be 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.

KUNA quotes a Kuwaiti MP, committee chairperson Salah Khorshed, as saying that the commission approved the bills with the consent of two-thirds of the parliament’s members, with the understanding that the taxes that are imposed on low-income expatriates are low.

Khorshed estimated that the fees on remittances – which are estimated at $63 billion per year – will bring in approximately $233 million.

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