Kuwait just made remittances more expensive

Kuwait just made remittances more expensive: The Kuwaiti parliament’s financial and economic affairs committee has approved a bill imposing fees on expats’ outgoing remittances,MP Salah Korshed said in a statement carried by the Kuwait News Agency (KUNA). Two-thirds of MPs voted in favor of the bill. Expats will be taxed 1% for salaries of USD 300, 2% for USD 333-666, 3% for USD 1,000-1,663, and 5% for USD 1,667-5,548, once the bill comes into effect, according to KUNA. Remittances, the second major contributor to Egypt’s narrowing account deficit, rose to USD 13.1 bn in 1H2017-18.