The General Tax Authority (GTA) has held an introductory meeting on the income tax law and its executive regulations, attended by the owners and representatives of the accounting, auditing and financial consulting firms operating in Qatar.
The meeting included an introductory lecture on the most prominent axes of the income tax law, in addition to a general discussion session to answer companies’ questions and inquiries about the law, its implementation mechanisms, and its tax procedures in place in the authority.
Opening the introductory meeting, GTA chairman Ahmed bin Issa al-Mohannadi stressed the importance of continuous co-operation and co-ordination between the authority and its partners, whether they are assigned or accounting and financial auditing companies. Continuous communication between all parties helps the authority to better develop work mechanisms and reach them to the best possible level, in order to enhance its role in supporting the national economy, and encourage investment operations in the state. Al-Mohannadi expressed hope for the meeting to allow future communication and interaction between the authority and the accounting and auditing firms, and to give them an opportunity to raise their inquiries and questions related to the income tax law and its executive regulations, and other tax measures that the authority applies in co-operation with its partners in the public and private sectors.
He pointed out that the GTA also benefits from holding these meetings in knowing and measuring the level of satisfaction with the established tax procedures, and bringing the views that pave the way for advancing the tax work and developing its mechanisms in general.
The head of the GTA’s Legal Research and Studies Department, Talal al-Emadi, highlighted the most recent developments on the income tax law promulgated by Law No 24 of 2018 and its executive regulations issued pursuant to Cabinet Decision No 39 of 2019.
He clarified many of the provisions included in the law and its executive regulations, stressing that all the provisions of the law aim to support the country’s economy and interest, which guarantees the State sustainable development that benefits all parties.
Focusing on what is included in the income tax law, al-Emadi stressed that the current law includes several amendments to the previous law, those amendments focused on reforming administrative and procedural systems; supporting tax compliance by taxpayers; and giving more flexibility with regard to granting tax exemptions for the activities of institutions in the main economic sectors and economic zones in a manner that supports growth and economic diversification, which contributes to encouraging and attracting foreign investments.
He also indicated that the tax rate on companies operating in the country or the foreign partner’s share continued as before, at 10% of the taxable income during the tax year, adding that this is the least in the world, with some exceptions to some petrochemical industries related to the exploitation of natural resources. To page 5
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