(MENAFN- Arab Times) KUWAIT CITY, April 25: According to a recent report issued by World Bank, the remittances of expatriates around the world increased in 2017 reaching $466 billion with the expectation of reaching $485 billion in 2018, reports Al-Rai daily.
The report showed that India topped in this regard in 2017 with remittances worth $69 billion, followed by China with $64 billion and the Philippines with $33 billion. Egypt occupied the seventh place with remittances worth $20 billion.
The report stated that Kuwait is the second highest destination for expatriates when compared to its population as the expatriates in Kuwait constitute 80 percent of the total inhabitants in the country.
As per the report, the intention of the government of Kuwait to impose taxes on the expatriates' remittances will negatively affect the fl ow of remittances via legal channels and will in turn create a parallel market. The remittances of Filipino expatriates from around the world increased by 5.3 percent to record $32.6 billion in 2017.
MENAFN2504201800960000ID1096771613
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.