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KUWAIT CITY, Feb 21: The attempt to impose tax on remittances continues with the bill submitted by MP Abdullah Al- Turaiji who proposed taxing the money transfers of foreigners in any currency.
The bill covers remittances of individuals, companies and organizations; excluding the exempted categories stipulated in the treaties on protecting investment and capital transfer.
The bill authorizes the Central Bank of Kuwait to specify the categories according to the amount of transfer and the corresponding tax, as well as the methods of monitoring and collecting tax.
The collected tax will be handed over to the Central Bank, while banks and licensed companies that will not remit the collected tax to the Central Bank will be fined KD 10,000 maximum.