Tax On The Remittances Of Expatriates

MP Faisal Al-Kandari on Thursday submitted a proposal to impose tax on the remittances of expatriates.Article One of the bill stipulates imposing tax on money that expatriates send outside Kuwait.Article Two states that the remittance tax must go to the State’s coffers.Two percent tax will be imposed on remittances less than KD 100, four percent for KD 100 to KD 499, and five percent for KD 500 or more.Article Three obliges accredited banks and money exchange companies to send money orders and cheques to the Finance Ministry for proper control.Article Four stipulates a jail sentence of up to six months or fine of up to KD 10,000 for those who will send money without paying the corresponding tax.

 

SOURCE : ARABTIMES

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