Representatives Shuaib Al-Muwaizri, Shuaib Shaaban, Falah Al-Hajri, Abdullah Fahd, and Saud Al-Asfoor submitted a proposal imposing a fee on foreign financial transfers, an Arab daily reported. The proposal stipulates that a foreign financial transfer fee be mandatory when sending money abroad, regardless of the currency or the sender, be it from individuals, companies, institutions or associations.
The proposal added that the entire proceeds of the fee will be transferred to the state treasury. In addition, it specified the amount of the transfer fee which is at 1% of the total amount transferred, provided that the Central Bank of Kuwait takes the necessary measures to obligate local banks, branches of foreign banks and exchange companies to collect these fees, and in the manner specified in the executive memorandum of the same law.
Moreover, the proposal details that the fee may not be exempted except in the case of an explicit provision for exemption from it and in the case of transfers related to investment protection agreements, capital transfers as specified by their provisions, and official government transfers abroad. The report emphasized that any violators will be subject to a fine amounting to twice the amounts transferred.
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