Deputy Abdullah Al-Tureji submitted a proposal for a law to impose a tax on financial sums transferred by foreigners outside Kuwait, through banks or licensed offices, whatever the currency, whether the transfer is from individuals, companies, institutions or associations.
An exception is made for transfers that are legally exempt from imposing taxes, including those related to investment protection and capital transfers.
According to Al-Tariji's proposal, taxes are paid on the sums transferred abroad according to the percentages and segments for which a decision is issued by the Central Bank, taking into account the value of the transfers.
The Central Bank shall set the necessary controls and mechanisms to regulate the mechanism for collecting the value of taxes and controlling them. The authorized bodies shall transmit the tax value according to the bank’s procedures. The proposal specified the penalties imposed on violators, which are a fine not exceeding 10 thousand dinars, imprisonment for a period not exceeding 5 years, or a fine of not less than double the amounts transferred to anyone who transfers through other than banks and licensed companies.