Kuwait mulls tax on expats’ remittances

News Network
May 20, 2020

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
July 31,2020

Makkah, Jul 31: Organising this year's scaled-down hajj required "double efforts" by Saudi authorities amid the coronavirus pandemic, King Salman said Friday after being discharged from hospital following gall bladder surgery.

Only up to 10,000 people already residing in the kingdom are participating in this year's pilgrimage, compared with 2019's gathering of some 2.5 million from around the world.

"Holding the ritual in the shadow of this pandemic... required reducing the numbers of pilgrims, but it obliged various official agencies to put in double efforts," 84-year-old King Salman said in a speech read out on state television by acting media minister Majid Al-Qasabi.

"The hajj this year was restricted to a very limited number of people from multiple nationalities, ensuring the ritual was completed despite the difficult circumstances," he said.

The speech came on the occasion of Eid al-Adha, the Muslim festival of sacrifice, a day after the king left hospital following a 10-day stay for surgery to remove his gall bladder.

The hajj, which began on Wednesday, is one of the five pillars of Islam and a must for able-bodied Muslims at least once in their lifetime.

Authorities implemented the "highest health precautions" during the rituals, the king said.

Pilgrims, who were all tested for the virus, are required to wear masks and observe social distancing.

For Friday's "stoning of the devil", the last major ritual of the hajj, Saudi authorities offered the pilgrims pebbles that were sanitised to protect against the pandemic.

In a sign that its strict measures were working, the health ministry reported no coronavirus cases in the holy sites on Wednesday or Thursday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 12,2020

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
January 4,2020

Dubai, Jan 4: Three UAE airlines have made it to lists of the safest carriers in 2020, reinforcing the value these companies provide passengers in the increasingly competitive aviation scene.

Abu Dhabi's Etihad Airways and Dubai's Emirates are in the list of the top 20 safest airlines, while Sharjah-based Air Arabia is in the list of the top 10 low-cost carriers, safety and product rating website AirlineRatings.com reported on Thursday.

It named Qantas as the safest airline for 2020 out of the 405 carriers it monitors.

The top 20, in order, are Qantas, Air New Zealand, EVA Air, Etihad Airways, Singapore Airlines, Emirates, Alaska Airlines, Qatar Airways, Cathay Pacific Airways, Virgin Australia, Hawaiian Airlines, Virgin Atlantic Airlines, TAP Portugal, SAS, Royal Jordanian, Swiss, Finnair, Lufthansa, Aer Lingus and KLM.

"These airlines are clear standouts in the airline industry and are at the forefront of safety," said AirlineRatings.com editor-in-chief Geoffrey Thomas.

"For instance, Australia's Qantas has been recognised by the British Advertising Standards Association in a test case in 2008 as the world's most experienced airline."

"Qantas has been the lead airline in virtually every major operational safety advancement over the past 60 years and has not had a fatality in the pure-jet era," said Thomas.

AirlineRatings.com editors also identified their top 10 safest low-cost airlines; they are, in alphabetical order, Air Arabia, Flybe, Frontier, HK Express, IndiGo, Jetblue, Volaris, Vueling, Westjet and Wizz.

Saj Ahmad, chief analyst at StrategicAero Research in London, says that it isn't a surprise that UAE carriers are on those lists.

"UAE airlines almost always feature in the top rankings for safety because they value the equipment that they fly their passengers on each and every day," he told Khaleej Times on Thursday.

"All airlines do; but for the UAE, where airlines have expanded rapidly in the last couple of decades, it's an amazing feat that they rank so highly while inducting so many new aeroplanes."

There's little benefit to adding luxurious cabins if maintenance, security and safety protocols as well as routine engineering schedules are not adhered to, he stressed.

"And with the UAE itself sporting MRO activities as well as through companies like Strata, which supply components to Airbus and Boeing directly, airlines here have harnessed that tech-change to ensure that their fleets have the highest redundancy and safety checks at every possible chance," Ahmad added. "That translates into passenger confidence - and we can see the brand and loyalty strength across Emirates, flydubai, Air Arabia and Etihad; it's no surprise that each year, they all fly more and more passengers across their network."

In making its selections, AirlineRatings.com editors and its industry advisors take into account numerous critical factors that include: Audits from aviation's governing bodies and lead associations, government audits, airline's crash and serious incident record, fleet age, financial position and pilot training and culture.

"All airlines have incidents every day and many are aircraft or engine manufacture issues instead of airline operational problems. And it is the way the flight crew handles incidents that determines a good airline from an unsafe one. So just lumping all incidents together is very misleading," said Thomas.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.