Kuwait City : The attempt to impose tax on remittances continues with the bill which proposed taxing the money tranfers of foreigners in any currency.The bill covers remittances of individuals companies and organisations excluding the exempted categories stipulated in the treaties on protecting investment and capital transfer.The bill authorises the central bank of Kuwait to specify the categories according to the amount of transfer as well as the methods of monitoring and collecting tax. The collected tax will be handed over to the central bank while banks and licence the companies that will not remit the collected tax to the central bank will be fined 10,000 Dinar maximum
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