New Executive Regulations to the Income Tax Law No 24 of 2018 brought significant changes with respect to the calculation of the taxable income and the tax procedures, a seminar organised by KPMG in Qatar was told recently. Qatar published the Executive Regulations to the Income Tax Law No 24 of 2018 in the official Gazette. The previous executive regulations are now revoked.
The new Executive Regulations will replace the old Executive Regulations, containing a number of substantive changes with respect to the scope of tax exemptions and withholding tax application, the determination of the Taxable Income as well as tax audits and procedures, KPMG in Qatar said.
Furthermore, the Executive Regulations have introduced, Transfer Pricing reporting obligations in Qatar.
With this in mind in the recent informative and very engaging seminar, attended by more than 150 clients, tax experts from KPMG in Qatar advised attendees that it is important for the country’s businesses to review the impact of the changes and implement the required changes in their organisations.
KPMG’s head (Tax and Corporate Services) in Qatar, Barbara Henzen said, “The new Executive Regulations have narrowed down the scope of Tax Exemptions substantially and a lot of companies will newly become taxable or will face higher taxes and more complex filing requirements. Exempt entities will have to carefully review the changes and ensure compliance with the new rules”.
“The applicability of Withholding tax has become much wider and Taxpayers will need to review transactions that could be caught under the new regulations and assess the commercial and financial impact of these changes,” said Jain Abishek, KPMG in Qatar senior tax manager.
Imran Ayub, KPMG Qatar senior tax manager, highlighted that the new regulations brought significant changes with respect to the calculation of the taxable income and the tax procedures. The changes will reshape Qatar’s Corporate Tax System with tax audit activity set to further increase in the near future.
Filip Vukovic, head of Transfer Pricing, KPMG Middle East and South Asia and Uma Patankar, KPMG Qatar transfer pricing manager took the attendees through the upcoming Transfer Pricing journey.
“Specific requirements for TP documentation have been outlined, which needs to be prepared and submitted at the time of the submission of the tax return. Tax returns for this financial year end will might be due as early as 30th April 2020, so taxpayers will need to act fast to get ready before this deadline,” said Vukovic.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
‘Private sector credit boost to help Qatar non-oil sector stage recovery this year’
Qatar’s plans to raise LNG output will lead to boom in maritime transport, logistics services industry, says QNB chief
Maritime sector has huge absorptive capacity, says Milaha chief executive
Minister of Commerce to inaugurate ‘Made in Qatar’ in Kuwait today
Doha Bank’s exceptional feats honoured at NABS awards
Fed doesn’t want another repo crisis, but Treasury isn’t helping
Asian markets tumble as coronavirus hits earnings and growth
Bullish calls for Korea won stay even as virus fears re-emerge
Wildfires are just a beginning of Australia dollar’s climate woes