As indicated before, Qatar is getting ready to implement a Value Added Tax (VAT) and companies in the country need to be ready for it.
Qatar’s annual tax update was the topic of a recent webinar hosted by experts and specialists. The event explored VAT and other indirect taxes, electronic invoicing, digital tax enablers, corporate income tax and transfer pricing updates.
Also, it highlighted the accessibility of the relevant authorities to many tax technology tools including sophisticated data analytics and data mining systems which are increasingly effective in monitoring, evaluating and assessing compliance.
On average, it takes a minimum of six to eight months to implement VAT related procedures around the world (depending on the size of an organization and the complexity of the transactions).
Accordingly, the General Tax Authority (GTA) advises the companies in the country to review their transactions and to determine the relevant VAT category. Different sectors will be subject to specific VAT rules (such as exemptions and standard rates). These sectors may include finance, energy and utilities, real estate, transportation, education and healthcare, telecommunication and retail.
The Qatar Financial Centre (QFC) has already issued a concessionary statement of practice on some tax incentives. It is expected that the relevant authorities on the mainland of the State of Qatar will follow suit in the very near future.
Please click on the link and reach out to learn more about the tax system in the State of Qatar and Business Start Up Qatar.