Kuwait’s Central Bank has asked all service providers of electronic payment systems and their agents to get approval on the fees and commissions they charge for the services they offer to their customers. These businesses should charge fees for the services which represent a genuine benefit to customers. The Central Bank has issued these guidelines to regulate the electronic payment systems sector and set a suitable workflow to specify the fees and commission for this sector.
Kuwait: The Trade and Industry Minister has issued a ministerial decision that permits transferring workers between SMEs
The Trade and Industry Minister has issued a ministerial decision that permits transferring workers between small and medium enterprises (SMEs) one year after they have been issued the work permit instead of after three years The decision requires the approval of the employer and the fulfilment of the conditions and controls which are provided for by Kuwait Ministerial Decision No. 9/2016 on the controls of the work of SMEs owners.
Kuwait’s National Assembly has approved a draft SMEs support Law. It will help SMEs adversely affected by Coronavirus. It will do this by securing guarantees for local banks to extend loans to businesses which have been adversely affected by Coronavirus. They also agreed to allow citizens who have been affected to delay repayments to both public and private institutions for six months.
Kuwait’s Insurance Regulation Division has announced they have issued Kuwait Decision No. 1/2021 to organise the sector.
The Vice President of the Unit added the Implementing Regulations to the Insurance Law will be published in the next edition of the Official Gazette.
They will cover the issuing of permits, the registration of companies, commitments regarding required solvency, investment policies, arbitration and penalties.
Kuwait’s lower court has rejected appeals against the partial curfew. The curfew was imposed as part of anti-Coronavirus measures introduced by the authorities. The court said the Health Minister is authorised by law to recommend measures to tackle the spread of serious diseases. However they called on the authorities to continuously review the restrictions and measures to establish a balance between serving public interests, securing the safety of society and safeguarding the health system while preserving the rights of individuals and their economic and social rights. They called on authorities to revise the duration of the curfew and travel restrictions.
Kuwait’s Public Authority for Manpower has issued an administrative decision allowing employees working in the public sector to transfer to the private sector. It includes transfers in areas which were previously banned. These are industry, agriculture, herding, fishing, cooperative societies and unions.
Five opposition Parliamentarians have submitted a draft foreign aid suspension law. It follows official reports saying the country is heading for an 81 billion Dinar deficit in the next 12 years. If approved all foreign aid, loans and deposits will be suspended for five years. Urgent relief aid for natural catastrophes and pandemics will not be affected. The law would also require the authorities to use all available means to ensure loans given to foreign countries are repaid.
A proposal to levy a tax on remittances by expatriates in Kuwait has resurfaced after a failed attempt at the previous parliament. The legislative Committee at the current Kuwaiti legislature, which was elected in December, has requested that a tax on transfers should be confined to those of migrant workers and that transfers involving Kuwaiti citizens should be exempt. A similar suggestion was vehemently rejected by the government in the previous parliament on constitutional and economic grounds. Migrant workers transfer about 4.2 billion Dinars annually from Kuwait, according to the Kuwait Central Bank.
The Women and Family Committee has approved a proposal to give permanent residence to children of Kuwaiti women who are married to non-Kuwaitis. They will also get priority in employment after Kuwaitis and be treated like Kuwaitis in Ministries and Government institutions. Additionally, the Head of the Committee has announced the Committee has called for centres to shelter women and children who are domestic violence victims. They also called for the approval of the Implementing Regulations to the Domestic Violence Law to be expedited.
Kuwait’s General Authority of Manpower has announced the workflow which should be followed by an employer if a domestic worker leaves to go to an unknown body or destination. The Authority said the employer should record a notice of absence of the employee in one of the service centres of the Interior Ministry. They should also visit the Department responsible for organising domestic worker recruitment in the Authority and file a complaint against paying for the tickets if the worker was found. The employer can also request compensation for their failure to complete the period. The Authority said if the worker doesn’t complete the first six months of recruitment the office has to refund the full amount.