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The Association of Chartered Certified Accountants (ACCA) recently organised a continuing professional development programme here to keep professional accountants in Qatar updated on the Tax Law No 21 and recent development in withholding taxes. |
Some 65 professional accountants heard presentations from experts Rami Qudah, partner (Audit and tax at Deloitte) and Kanchan Ghoshal, director (Management Consulting Services) KPMG. Qatar Airways’ chief financial officer Daniel Ho was the guest of honour.
Ritu Nanda, ACCA head of Oman and Qatar, said: “We were delighted to be able to hold this event, the second one we have supported in Qatar, to keep our members fully up to speed on key issues affecting the accounting professionals in the country. We hold such events to ensure that businesses that rely on our members can be assured they are aware of all key developments in sometimes complex legislation and regulation, which enables them to provide the best possible service and advice. We will be planning further for more such ACCA supported events on important issues to ensure our members are well placed to help Qatar in its on-going development.”
Qudah gave an update on the current trends and developments in the Income Tax Law in Qatar.
“The current Income Tax Law has removed certain ambiguities associated with the previous law and has brought in certainty in treatment of many business transactions, which gave more clarity and confidence amongst both the new as well as the current investors,” he said.
As part of the event, Qudah gave a presentation on the areas in the tax law, which raised most concerns and confusion among investors in Qatar.
“After more than three years since the law became effective, the application of withholding tax is still considered the biggest challenge facing Qatari companies,” he said.
He also covered many areas of the tax law and regulations including the concept of permanent establishment and residency in Qatar, retention rules, withholding and corporate taxes and instructions issued by the Ministry of Finance to tax payers and investors in Qatar.
