Kuwaiti Parliament's financial and economic affairs committee has approved the bills stipulating fees on expatriates' financial overseas remittances, reported Kuwait News Agency (Kuna), citing a member.

The commission approved the bills with consent of two thirds of the members, provided that the taxes to be imposed on money transfers of low-income expatriates must be low, revealed MP Salah Khorshed.

As per proposed laws, the fees to be imposed on the KD90 salary category would be at one per cent; the KD100 to 200 segment at around two per cent, the KD300 to 499 segment (3 per cent) and those in KD500 to 1,664 segment (5 per cent).

He forecast proceeds amounting to KD70 million ($233 million) out of the fees on these remittances, estimated at KD19 billion, reported Kuna.

The committee rapporteur, Saleh Ashour, stated that the panel discussed the issue extensively in consultation with legal experts, it added.