You are here

Finance

February 3, 2016 at 06:57

Kuwait ranks 74th in economic freedom index

Kuwait ranks 74th in economic freedom index
160

525

0

1

Kuwait: Kuwait retained its 74th rank globally in the latest economic freedom index released by the Heritage Foundation. Kuwait earned a score of 62.7 out of 100, putting it as a ‘moderately free’ country ahead of France, Saudi Arabia and Turkey, and with states like Poland, Belgium, and Spain in the same category. Kuwait made only a 0.2 improvement compared to last year’s index.

Read more >
January 22, 2016 at 12:33

Central Bank of Kuwait instructs banks to calculate loan to expatriates based on current salary

New Kuwaiti Dinars
209

2609

0

1

Kuwait City: The Central Bank of Kuwait (CBK) has instructed banks and financing companies to calculate the consumer loan granted to expatriates based on their current salary, reports Al-Anba daily quoting sources. Sources disclosed this instruction is part of the CBK circular on granting consumer loan to expatriates whose bank statements should reflect the salary deductions, if any.

Read more >
January 18, 2016 at 06:29

Procedures threaten to halt loans for expats

206

1168

0

1

KUWAIT: Supervisory instructions to the banking sector led to banks ceasing to grant expats installment loans up to KD 70,000, limiting their financial transactions to car loans and some consumer needs, although there are no specific supervisory instructions in this regard. Instructions by the Central Bank set the maximum limit of consumer loans at 15 times the salary, but should not exceed KD 15,000, and the total installments should not exceed 40 percent of the salary. Meanwhile, an installment loan may reach KD 70,000 and has to be paid back in 15 years.

Read more >
November 29, 2015 at 00:27

Kuwait has no plans to enforce income taxes: Ministry

194

466

0

1

Kuwait: Kuwait has no plans to enforce income taxes on individuals at any time since it enjoys a strong financial situation and stays committed to the rentier state concept, a senior Finance Ministry official said.

Read more >
June 16, 2015 at 15:12

MP proposes 5% tax on expat money transfers

427

584

0

1

Kuwait: Pro-government MP Kamel Al-Awadhi yesterday proposed that expatriates should be forced to pay a five percent tax on any money transfers sent to their home countries to pay for highly-subsidized public services offered to them. The lawmaker, who headed the immigration department for years before turning to politics, presented his proposal in the form of an amendment to the central bank law.

Read more >
March 16, 2015 at 16:10

Kuwait plans to introduce corporate tax

Kuwait plans to introduce corporate tax
310

662

0

1

Kuwait: Kuwait has sought help from the International Monetary Fund to introduce corporate taxes in a bid to diversify revenue in the face of falling oil prices, a minister said yesterday. “The IMF will prepare a preliminary report on how to impose taxes on companies in Kuwait,” Commerce and Industry Minister Abdulmohsen Al- Mudej said after a meeting with IMF representatives, the official KUNA news agency reported.

Read more >