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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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