Picture for illustration purposes only.
PHOTO BY ARCHIVE
KUWAIT – Expatriates sending money abroad will soon be paying taxes after the Kuwaiti Parliament’s financial and economic affairs committee approved a bill on the matter.
Committee chairperson Salah Khorshed saind on Sunday that the commission approved the bill with the consent of two-thirds of the members.
Taxes to be imposed on money transfers of low-income expatriates must be low, Khorshed said.
The move to impose taxes on remittances is forecast to bring 70 million dinars ($233 million) of revenue for Kuwait.
According to proposed laws, taxes range from 1 percent to five percent, depending on an expat’s salary range.
90 dinars: 1 percent
100-200 dinars: 2 percent
300-499 dinars: 3 percent
500-1,664 dinars: 5 percent
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