25.6 C
Kuwait City
May 23, 2019
Gulflance
Home » Kuwait Plans To Introduce 5% Tax On Expat Remittances
Gulf Insider

Kuwait Plans To Introduce 5% Tax On Expat Remittances

Kuwait is in talks to introduce a 5% tax on expat remittances, according to several media reports.

A member of parliament (MP) has started collecting signatures in a bid to table a motion on the issue before the National Assembly, according to a report by the Kuwait Times.

The proposal is aiming to implement the 5% tax on expat remittances of over 500 Kuwait dinars ($1,640).

Kuwait’s Central Bank and Finance Ministry have opposed similar proposals in the past.

It was earlier reported that remittances sent home by expatriates in Kuwait rose 3.5% in the first quarter of 2018, to around $3.4 billion, according to figures from the Central Bank of Kuwait.

In 2017, total expat remittances from Kuwait fell 9.2% to 4.14 billion Kuwait Dinars ($13.69 billion), down from KD 4.56 billion ($15.08 billion) in 2016.

The post Kuwait Plans To Introduce 5% Tax On Expat Remittances appeared first on Gulf Insider.

Source link
Click here to read more news from @gulf-insider

Related posts

Bahrain: Municipality Collects 47,575 Tonnes Of Domestic Waste

Vinita

G4S Bahrain Recognises Outstanding Employees At Annual Awards

Vinita

Sultanate Of Oman To Reopen Embassy In Iraq After 29 Years

Vinita

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please spend a minute

Gulflance Poll

Which is worst social media?
Vote Now
close-link
Sign-up for exclusive content. Be up to date with Gulflance
Subscribe
Subscribe
close-image

You're currently offline