EY kicked off the New Year by organising a tax seminar aimed at preparing Qatar’s companies for the recent global, regional, and local tax developments.The event provided all relevant updates on the country’s tax landscape, tax policies, base erosion and profit shifting (BEPS 2.0) Pillar 2, and recent tax trends across the Mena region with a focus on the GCC, as well as customs and global trade.Ahmed Eldessouky, EY Kuwait, Qatar and Oman Tax leader, said, “Qatar’s tax authorities have put in place a robust plan to modernise their technology and build the relevant capacities of both Qatari businesses and international businesses working in the country.“With the support of the General Tax Authority (GTA), taxpayers will need to ensure that they remain on top of their compliance, keep it rigorous and timely, and make certain they take advantage of the measures and exceptions that the government puts in place.”The seminar saw the participation over 150 C-suite executives and finance professionals from local and multinational companies across several industries. The event explored various challenges faced by Qatar’s taxpayers, including communication instructions with the GTA, technical solutions for the new ‘Dhareeba’ tax portal, and understanding the need for transparency and readiness.The facilitators also reviewed recent assessments issued by GTA, examined taxpayers’ obligations, and discussed potential tax violations and corresponding penalties.Tax Administration 3.0 is well underway and will have a direct impact on businesses across the Mena region. Therefore, companies must prepare for an increasingly digitised tax environment, requiring accurate, often transaction-level data, and advanced digital capabilities.With the UAE gearing up to introduce Corporate Income Tax (CT) in June 2023, and Oman poised to implement personal income tax in 2024, companies in the region should closely monitor the tax policy landscape for a potential shift from fee-based revenue structures to tax-based ones.This will help them anticipate and understand legislative developments, assess their implications, and identify business opportunities. The next steps should involve bolstering tax functions, streamlining systems and accounting practices, assessing the implications of new taxation models on competitiveness, and modifying operating models and trade routes accordingly.The ongoing tax reforms are driven mainly by economic recovery efforts, revenue diversification away from hydrocarbons, and alignment with regional and international commitments.These include the BEPS project by the Organisation for Economic Co-operation and Development (OECD), which intends to ensure that multinational enterprises pay a fair share of tax wherever they operate.Saudi Arabia, UAE, Oman, Qatar, and Bahrain have joined the Inclusive Framework (IF) on BEPS.Moreover, Mena governments are showing increasing interest in ESG as part of their strategy frameworks. If they have not already done so, companies in the region should start looking into integrating ESG in management practices, reducing their carbon footprints, and assessing opportunities and the potential impacts on the cost of doing business.
One of the most iconic images of our time shows a polar bear marooned and adrift on an ice floe. Few other images capture the reality of climate change so viscerally. And now, ironically, Davos Man finds himself in a similar metaphorical position. His natural habitat, the hyper-globalised world of the past half-century, is shrinking, and he has gone from skiing in the Swiss Alps to skating on thin ice.Of course, globalisation – the integration of national and regional economies through cross-border trade and investment – long predates Davos Man. Ever since the dawn of industrialisation in the 1800s, technological progress (steamships, railroads, the telegraph, automobiles, airplanes) and financial innovations (like the gold standard) have led to an increasingly interconnected global economy.But this process has not been continuous. An earlier wave of globalisation came to an abrupt halt in the early 1900s with the rise of nationalism and protectionism, culminating in the Great Depression and fascism. Yet since the end of World War II, and especially following the Cold War, the international order has been deliberately geared toward American-led globalisation, with the Bretton Woods Institutions (the International Monetary Fund, the World Bank, and the World Trade Organisation) providing the basic architecture.Conceived by the World Economic Forum in 1971 (but unnamed until 2004), Davos Man became the avatar of this process. Each year since, the WEF has staged its flagship gathering in the Swiss Alps to extol the virtues of free trade and capital-market liberalisation as instruments for underwriting peace and prosperity.But now, many fear that globalisation is in retreat for the first time since 1945. The United States and China are undergoing a large-scale “decoupling.” And the rise of populist movements in advanced economies – epitomised by Trumpism and Brexit – has placed the Global North’s right-wing nationalists on the same page as the Global South’s left-wing anti-colonialists. Both are deeply suspicious of multinational economic arrangements that are seen to undermine national sovereignty.Against this backdrop, Davos attendees spent this year’s gathering fretting over matters of taxonomy (“Re-Globalisation or De-Globalisation?”), while The Economist ran a cover story on the new threats to globalisation emanating from its erstwhile champion, the US. Morgan Stanley, meanwhile, has warned clients about globalisation going into “reverse.”But the change we are witnessing is about much more than supply chains and semiconductors. More fundamentally, what the economic sociologist Karl Polanyi called the “disembedding” of economic systems from social ones appears to be hitting its limits.In strictly economic terms, the case for globalisation will always be compelling: the logic of comparative advantage dictates that if countries leverage their own strengths – their unique combination of resource endowments, geography, human capital, and so on – and then trade with the rest of the world, everyone will end up with more in the aggregate. Economic studies show that almost every country in the world has grown richer as a result of globalisation. Globally, poverty and inequality (at least between countries) have declined markedly.But economic actors are real people with “sticky” psychological traits. They have personal and social identities, and deeply held values. They are not “commodities” or mere factors of production that gravitate like atoms toward their most productive use. Whether they are workers displaced from their jobs by outsourcing or farmers unable to sell their produce because of international agreements, they have understandable objections to globalisation’s race-to-the-bottom dynamics.The popular resistance to globalisation is not cognitive but affective, born of an anger over feeling “left behind” or “swept up.” According to Pew Research, a sense of belonging (or not belonging) to a “community” is the key factor determining whether people’s sentiment toward globalisation is positive (or negative). Globalisation is currently running into the wall of identity, which the prevailing institutions have failed to reconfigure or even acknowledge.Though its influence runs deep, the Bretton Woods order rests on the thinnest possible political foundation. It is constituted by multinational corporations, a handful of international organisations that are famous for their lack of accountability to the public, and a thicket of extraordinarily complex and highly technical trade agreements. None has any direct relationship with ordinary people or their communities.Unsurprisingly, the consensus on globalisation began to fray with the backlash against top-down trade talks and the punitive, procedural mechanisms of the WTO. These mechanisms stand in stark contrast to the bottom-up climate movement. The climate movement reminds us that if we want to reap the economic benefits of a globalised economy, we need genuine global governance, both to distribute the gains from trade more fairly and to forge a new social contract that offers a sense of global community.As I have argued previously, this vision of global governance is less utopian than it sounds. The challenges that globalisation is facing reflect the true nature of markets and economies as fundamentally social phenomena. In an age of “polycrisis” and “permacrisis,” to borrow Davos Man’s lingo, we need to shift the paradigm of globalisation to focus not only on goods, capital, and services but also on people.Ultimately, it is impossible to sustain global markets without global governance based on a broadly shared moral consensus. If Davos Man wants to avoid becoming completely obsolete, he will need to acquire some social skills. — Project Syndicate* Antara Haldar is Associate Professor of Empirical Legal Studies at the University of Cambridge.
Qatar Airways and Airbus announced Wednesday that they have reached an amicable and mutually agreeable settlement in relation to their legal dispute over A350 surface degradation and the grounding of A350 aircraft.A press release issued by Qatar Airways said a repair project is now underway and both parties look forward to getting these aircraft safely back in the air.The details of the settlement are confidential and the parties will now proceed to discontinue their legal claims. The settlement agreement is not an admission of liability for either party.This agreement will enable Qatar Airways and Airbus to move forward and work together as partners, the release added.
France centre-back Raphael Varane, a World Cup winner in 2018 and runner-up last year, announced yesterday his retirement from international duty at the age of 29. “I’ve been thinking about it for several months and I decided it was the right time for me to retire from international football,” Varane wrote on Instagram. The Manchester United defender made his France debut in 2013 and won 93 caps for Les Bleus. He had been in the running to take over as captain following the retirement of Hugo Lloris last month. “To represent our magnificent country for a decade has been one of the greatest honours of my life. Each time I wore this special blue shirt I felt immense pride,” said Varane. Varane’s decision to call time on his France career leaves Kylian Mbappe as the frontrunner for the captaincy, with Didier Deschamps’ side set to begin Euro 2024 qualifying at the end of March with a double-header against the Netherlands and the Republic of Ireland. The former Real Madrid star played every minute of his country’s triumphant 2018 World Cup campaign as France defeated Croatia 4-2 in the final. He was one of five French players who also started the 2022 final defeat by Argentina on penalties, recovering from a leg injury that ruled him out of the start of the tournament. “I’ll definitely miss these moments with you, but the time has come for the new generation to take over,” he said, thanking Deschamps and his coaching staff as well as the supporters. “We have a group of talented young players who are ready to step up and who deserve their chance.” Deschamps paid tribute to Varane and praised him for the leadership qualities he had brought to the team throughout his time with France. “I cannot turn this page without some emotion, given the bonds we have formed,” said Deschamps, who gave Varane his international debut in a 2014 World Cup qualifier against Georgia. “I respect his decision even if it may seem a bit unfortunate given everything he was able to do with the national team through to the World Cup, during which he behaved like the leader we know he is from start to finish.”
The volume of real estate trading in sales contracts registered in the Real Estate Registration Department at the Ministry of Justice from Jan 22 to 26, 2023 reached QR 504,659,930.The weekly bulletin issued by the Real Estate Registration Department stated that the list of real estate traded for sale included vacant lands, residences, residential buildings, a residential compound, and commercial stores.Sales operations were concentrated in the municipalities of Al Wakra, Doha, Al Rayyan, Umm Salal, Al Khor, Al Thakhira, Al Daayen, and Al Shahaniyah.The volume of real estate trading in sales contracts registered in the Real Estate Registration Department at the Ministry of Justice from Jan 15 to 19, 2023 reached QR 134,887,820.