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Qatar has participated in the 18th meeting of the ‘Global Forum on Transparency and Exchange of Information for Tax Purposes’ held in New Delhi, gathering representatives from more than 170 countries and international organisations.The General Tax Authority president Khalifa bin Jassim al-Jaham al-Kuwari represented the country during the meeting, where the GTA’s official delegation reaffirmed Qatar's commitment to developing its legislative and regulatory framework to enhance tax compliance.Emphasis was placed particularly in the areas of Exchange of Information on Request (EOIR) and Automatic Exchange of Financial Information (AEOI). This is in addition to advancing the digital transformation of tax systems and developing tools for compliance and oversight.The delegation also participated in several discussion sessions and side events that addressed global progress in combating tax evasion, the role of transparency in improving tax collection efficiency, and increasing domestic revenues. Additionally, the events highlighted countries’ experiences in implementing international standards and developing national capacities.Qatar’s participation in the international event further underscores its active role in global forums on tax governance, its continuous efforts to promote the principles of tax transparency, and its commitment to developing information exchange mechanisms in line with international standards. Furthermore, it reflects Qatar’s ongoing dedication to collaborating with international partners to enhance a fairer and more transparent global tax system. 

South Korea's fiscal deficit reached over 88 trillion won (US$61.8 billion) in the first eight months of the year, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 88.3 trillion won in the cited period, according to data from the Ministry of Economy and Finance. Total revenue grew 35 trillion won from the same period last year to 431.7 trillion won. In detail, tax revenue expanded 28.6 trillion won on-year to 260.8 trillion won. Total expenditures increased 38.4 trillion won on-year to 485.4 trillion won. The government earlier projected the shortfall to align with the original annual target of around 111.6 trillion won toward the end of the year.

The State of Qatar took part in the 15th meeting of the Committee of Heads and Directors of Tax Administrations of the Gulf Cooperation Council (GCC), held recently in the State of Kuwait. Qatar's delegation was led by HE President of the General Tax Authority (GTA) Khalifa bin Jassim Al-Jaham Al Kuwari. The meeting addressed several vital topics related to strengthening regional tax cooperation and the exchange of successful experiences among member states. These discussions support the development of integrated tax policies aimed at fostering the region's economies and stimulating the investment environment. Deliberations focused on mechanisms to enhance the efficiency of GCC tax systems through continuous coordination and the modernization of legislative and procedural frameworks. This aims to improve the fairness and transparency of the tax system and advance effective economic integration among the council's nations. The participants also affirmed the importance of periodic meetings in developing institutional capacities in the tax field and aligning tax policies to serve economic diversification programs and contribute to achieving sustainable development across the Gulf states. The General Tax Authority's participation in this meeting reflects its firm commitment to promoting cooperation and its openness to the exchange of knowledge and expertise. This contributes to building a flexible and stimulating tax system for growth and investment and strengthens the position of GCC countries on the global economic map.

The General Tax Authority (GTA) continues its ongoing efforts to facilitate taxpayers’ procedures and ensure the regularity of their tax transactions. As part of these efforts, taxpayers are now able to submit applications for the Financial Penalty Exemption Initiative at 100% directly at the authority’s tower, in addition to receiving support for a range of other tax obligations and services. The services provided during this period include submitting exemption applications, filing objections and settlements, as well as services related to collection, inquiries, sales, and clearances, in addition to technical support for resolving any issues that taxpayers may encounter in the system. Taxpayers can visit the authority’s tower on Mondays and Wednesdays from 8am to 12 noon until December 31, where dedicated teams are available to provide support and assistance, ensuring that transactions are completed easily and efficiently. Taxpayers can also apply electronically via the ‘Dhareeba’ platform to benefit from the initiative. GTA has confirmed that the 100% Financial Penalty Exemption Initiative will continue until December 31, reaffirming its commitment to promoting tax compliance and building a strong and sustainable partnership and trust with all taxpayers.

Greek Prime Minister Kyriakos Mitsotakis Saturday announced generous income tax breaks to boost households with children, part of a tax reform worth €1.6bn ($1.87bn).The tax deductions, announced during his yearly speech on economic policy, come as his government seeks to halt a slide in popularity caused by a protracted cost of living crisis and corruption claims.Strong economic growth, a higher-than-expected budget surplus and more comprehensive tax collection will help finance the package, which will come into force in 2026, Mitsotakis said."We are all well aware that Greeks are struggling to make ends meet. Therefore our non-negotiable priority is to prop up their income," he said. After a 2009-2018 debt crisis marked by years of economic pain, Greece's economy, driven by tourism, has revived and is approaching its pre-crisis size.But Greece remains Europe's most indebted nation and disposable incomes still trail the EU average due to rising energy, food and housing prices that hurt purchasing power, despite a cumulative 35% minimum wage increase.The tax reform includes lower taxation by two percentage points for all brackets and a zero tax rate for low-income families with four children amid tumbling birth rates and rising housing costs.Mitsotakis also announced increases in pensions, while a real estate tax for remote areas will be scrapped to encourage young people to leave big cities and move to the countryside.Mitsotakis' centre-right New Democracy party has seen its ratings drop to around 22-25% in opinion polls since June from the 41% of votes it won in 2019 when it came to power on pledges to redistribute the fruits of economic growth more evenly.Thousands of people joined separate protests organised by trade unions in the city of Thessaloniki, where Mitsotakis was giving his speech, demanding higher salaries and decent living standards.

Greek Prime Minister Kyriakos Mitsotakis Saturday announced generous income tax breaks to boost households with children, part of a tax reform worth €1.6bn ($1.87bn).The tax deductions, announced during his yearly speech on economic policy, come as his government seeks to halt a slide in popularity caused by a protracted cost of living crisis and corruption claims.Strong economic growth, a higher-than-expected budget surplus and more comprehensive tax collection will help finance the package, which will come into force in 2026, Mitsotakis said."We are all well aware that Greeks are struggling to make ends meet. Therefore our non-negotiable priority is to prop up their income," he said. After a 2009-2018 debt crisis marked by years of economic pain, Greece's economy, driven by tourism, has revived and is approaching its pre-crisis size.But Greece remains Europe's most indebted nation and disposable incomes still trail the EU average due to rising energy, food and housing prices that hurt purchasing power, despite a cumulative 35% minimum wage increase.The tax reform includes lower taxation by two percentage points for all brackets and a zero tax rate for low-income families with four children amid tumbling birth rates and rising housing costs.Mitsotakis also announced increases in pensions, while a real estate tax for remote areas will be scrapped to encourage young people to leave big cities and move to the countryside.Mitsotakis' centre-right New Democracy party has seen its ratings drop to around 22-25% in opinion polls since June from the 41% of votes it won in 2019 when it came to power on pledges to redistribute the fruits of economic growth more evenly.Thousands of people joined separate protests organised by trade unions in the city of Thessaloniki, where Mitsotakis was giving his speech, demanding higher salaries and decent living standards.

In response to the growing interest in benefiting from the 100% Financial Penalty Exemption Initiative, and in line with its commitment to supporting taxpayers and enabling them to regularise their status, the General Tax Authority has announced the extension of the submission period for the initiative until December 31, 2025.The extension aims to provide the opportunity for the largest possible number of taxpayers to benefit from the available exemptions.The GTA allows taxpayers to apply for the initiative through the Dhareeba platform, while continuing to provide support and guidance services that reinforce transparency and help instill a culture of tax compliance.The initiative has achieved significant results, with more than 7,000 taxpayers exempted from financial penalties exceeding QR1.6bn, and over 56,000 tax returns submitted — including overdue returns covering tax periods from 2014 to 2024. This has greatly contributed to raising the overall tax compliance rate.The initiative also witnessed a high participation rate among companies and business owners who were able to rectify their situations and benefit from the full exemption from financial penalties. Beneficiary companies represented various vital sectors, reflecting the inclusiveness of the initiative and its broad impact in supporting different components of the national economy.The GTA has urged taxpayers to take advantage of the initiative via the Dhareeba platform. The initiative is considered one of the Authority’s landmark measures, designed to enable taxpayers to settle their tax obligations through a 100% exemption from financial penalties incurred due to late registration, filing, or payment, subject to specific terms and conditions.The GTA has confirmed that the initiative has successfully enhanced voluntary compliance by offering a clear and practical opportunity to rectify tax status with ease and convenience. This contributes to the efficiency of the tax system and strengthens the relationship of trust and partnership between the Authority and taxpayers.