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May 23, 2019
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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.

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