The proposal on taxing expats’ remittances includes the following articles: 

1- Remittances made by expats residing in Kuwait will be taxed regardless of the currency transferred.
2- Remittances related to treaties on protecting investments and capital movement will be exempted.
3- Remittances will be taxed by 1 percent for sums up to KD 99, 2 percent for sums between KD 100 to 299, 3 to 4 percent for sums between KD 300-499 and 4 to 5 percent for sums more than KD 500.
4- Supervised by the Central Bank, certified banks and money exchange companies will send the tax value to the finance ministry.
5- Violators of the previous article will be penalized a maximum of KD 10,000. Those who make remittances outside the certified banks or exchanges will be penalized by up to five years in prison and a fine not less than twice the sum transferred.
6- Based on the presentation made by the finance minister, the Cabinet will issue the law’s executive charter within six months of publishing it in the official gazette.
7- The prime minister and finance minister will, each within his/her jurisdiction, put this law into practice.-K.T.

==============================================================================

AddThis Social Bookmark Button
 
share in whatsapp





 





 





 
© 2015 IndianFrontliners.com Powered By AgniSoftwares - USAContact Us  |  Disclaimer  
Mugal Mahal
Doha Bank