‘Vote’ today on proposal to impose taxes on expats
Parliament’s Financial and Economic Committee will Sunday, April 1 vote on the proposal submitted by MP Faisal Al- Kandari to impose taxes on the remittances of expatriates.
2% tax for below 100 KD transfer – 4% between 100 and 499 KD – 5% tax above 500
According to informed sources, Article 1 of the proposal suggests imposing tax on the remittances of expatriates to any country with any currency except for money transfers relevant to treaties for protection of investment and transition of capital as well as official financial transfers.
Article 2 of the proposal classified the tax into three kinds. The first kind is two percent tax for remittances less than KD 100. The second kind is four percent tax for remittances ranging between KD 100 and KD 499. The third kind is five percent tax for remittances above KD 500.
Article 3 obligates all money exchange companies and banks to send details related to money transfers to Ministry of Finance for audit and accounting purposes.
Article 4 states that the violator of this law can receive a punishment of six-month imprisonment and/or a fine of KD 10,000.
Article 5 stipulates that the Cabinet will issue the executive decree based on that of minister of finance within six months of approval of the law.
Article 6 states that every law that contradicts this law will be cancelled.
Article 7 states that the Prime Minister and ministers will implement the law as soon as it is published by the official gazette.
Source : Arabtimes
Comments (1)
Filed in: Local News
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
They dont want to incrise salariés the salariés in kuwait very low and government want put taxes on poor people put on big salariés not on transparent money