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MP wants 5 percent of Expat remittances
June 16, 2015, 9:10 am
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MP Kamel Al-Awadhi has stressed the need for the State of Kuwait to get its share of the expatriates’ remittances by charging a symbolic fee on such transactions.

In his proposal, the lawmaker explained Kuwait has the right to get something in return for services provided to expatriates like health and educational facilities; as well as subsidized commodities such as petrol, gas and electricity. He cited a report published in local newspapers that the expatriates’ remittances totaled KD 21 billion in the last five years — about KD 4.2 billion per year, stressing this amount is equal to the income of some State facilities.

He said Kuwait will collect more than KD 200 million remittance fees annually if the proposal is implemented, indicating this money will be added to the nation’s coffers.

He suggested adding a new Article (Number 71-repeated) to Law Number 32/1968 on the currency, Central Bank of Kuwait and banking professions with the following clauses:

â–  Without prejudice to the provisions of Article 71 of this law, the Central Bank shall require the local banks, branches of foreign banks and money exchange companies to collect five percent of the value of remittances of any currency. The collected fees shall be transferred periodically to the State General Treasury, except those covered by the special conventions on protection of investment and movement of capital as defined by its provisions and the official government money transfers abroad.

â–  Without prejudice to harsher penalties stipulated in any other law, those found violating the law shall be fined double the remittance value. The executive bylaws shall be issued within six months from the date the law takes effect through a decision to be issued by the Council of Ministers once it is submitted by the minister of finance.

 

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