The Kuwait parliament’s financial and economic affairs committee has given its stamp of approval to a bill stipulating fees on overseas workers’ remittance fees abroad.
This comes after two-thirds of the committee approved the piece of legislation, on the premise that the taxes to be imposed to money transfers of expatriates must be low, Kuwait News Agency quoted MP Salah Khorshed as saying.
Once the bill has been passed into law, Khorshed says that they expect to gather KD 19 billion (approximately $63 billion) in a year out of the fees from money transfers.
The bill is proposing for the imposition of different fees for various salary categories: KD 90 at one percent remittance fee, the KD 100 to 200 segment at two percent, the KD 300 to 499 category at three percent and the KD 500 to 1,664 segment t five percent.
Meanwhile, commission rapporteur Saleh Ashour for his part said that they are currently in talks with legal experts over issues that may arise once the new legislation is passed into law.
