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Expats to pay tax on remittances under government reforms
November 17, 2016, 11:15 am
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A local daily reported that the government is in the early stages of strategizing for taxing expat remittance and companies. The details mentioned in the media reveal that a special ministerial committee has outlined a package of economic and financial reform legislation that the new Cabinet will present, which will then be referred to the new parliament during December. A part of the reforms, there will be a 10 percent tax on companies and a 5 percent tax on expats’ money transfers.

The media has also mentioned that the government is expecting a strong reaction from the parliament, but will persist in spearheading economic reform as the government’s agenda is an important issue, as is security and the GCC security pact. The new tax additions are part of the government’s initiative to execute its reform plan early.  The plan follows the release of a report this week by the International Monetary Fund (IMF), which indicated that it was necessary for Kuwait to trim its budget deficit  by reducing its subsidies.

 

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