Kuwait MP proposes a 5% expat remittance tax for money remittances that exceed 500 dinars

KUWAIT CITY –  If a Kuwaiti lawmaker’s proposal is approved, expatriates may pay a tax of up to five percent when they remit money from Kuwait. 

Kuwaiti parliament member Faysal Al Kandari has proposed that expats will pay two percent on any remittance of less than KD100. A tax of four percent will be levied on remittances between KD101 and KD499 and a tax of five percent will be levied on remittances that exceed KD500.
 
Al Kandari said that the tax would be a new source of revenue for Kuwait as it looks to improve its economy through non-oil revenue sources. The lawmaker said his proposal would bring Kuwait additional yearly revenue of at least KD20 million.
 
He proposed that the tax money would be collected through fiscal stamps to be issued by the finance ministry and that all money orders and cheques must be sent through accredited banks and money exchanges.
 
Anyone who sends money through unregulated means will be sentenced to up to six months in jail and fined up to Dh10,000, Al Kandari said in his proposal.
 
There are 3.3 million people living in Kuwait, of which 66 per cent are expatriates. ICA/Expat Media

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