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Wednesday , December 1 2021

Bill seeks 5% on remittances

KUWAIT CITY, March 29: MP Ali Al-Qattan submitted a bill on amending law number 32/1968 in order to mandate the Central Bank of Kuwait (CBK) to take the necessary procedures to obligate local banks, branches of foreign banks and exchange companies to collect fees equal to five percent of remittances in all currencies.

According to the bill, the collected fees will be deposited into the public treasury regularly. Remittances specified in treaties on investment protection and that of the government are exempted from these fees. Anyone who violates this law will be fined double the transmitted amount.

The executive decree of the law will be issued within six months of its implementation as per the presentation of the Ministry of Finance. In another development, 19 law professors issued a joint statement supporting MP Badr Al-Dahoum. They argued the decision of the Constitutional Court to cancel the parliamentary membership of Al-Dahoum violates Article 32 of the Constitution, as well as the law stating that the decisions of the Court of Cassation is final as it is the highest court and its decision on any appeal cannot be judged by any other court. They pointed out the contradictory decisions of different courts negatively affect the legal position of disputing parties

By Saeed Mahmoud Saleh Arab Times Staff

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