- September 24, 2021
- Posted by: Ajmal
- Categories: Accounting, News, Tax
The Investment Promotion Agency Qatar (IPA Qatar) and PwC Qatar jointly released the new ‘Tax & Legal Guide to Doing Business in Qatar’ yesterday, which provides a comprehensive overview of Qatar’s conducive business environment. The guide was unveiled during an engaging webinar, held in cooperation with the General Tax Authority (GTA), the Qatar Financial Centre (QFC) and the Qatar Free Zones Authority (QFZA).
Sheikh Ali Alwaleed Al Thani, CEO of IPA Qatar, delivered the opening remarks. He said “With Qatar’s rapidly evolving ecosystem, we are delighted to release this tax and legal guide with PwC Qatar that highlights the significant strides that have been taken to make doing business in Qatar easier.
Al Thani added, “From facilities in ownership, diversity of business opportunities, and a competitive tax system, to world-class infrastructure, the guide underlines the efforts of Qatar to position the nation as an attractive investment destination in the region.”
Bassam Hajhamad, PwC Qatar Country Senior Partner, said “Businesses now need to change more rapidly than ever before to attract and retain capital, talent and clients. Speaking on the launch of the Investment Promotion Agency Qatar’s (IPA Qatar) new ‘Tax and Legal Guide to Doing Business in Qatar’, in partnership with PwC, he noted, this guide is designed to enable new investors coming into Qatar to better understand the rules and regulations of local market, and to make best out of the increasing opportunities available in Qatar to build and grow their businesses.
“Attracting foreign investments continues to be a key pillar of Qatar’s growth and diversification strategy which is continuously enhanced by the improved legal and regulatory framework (e.g. easing restriction on foreign ownership), to further increase opportunities for foreign ownership and investment. In addition to the Investment Promotion Agency Qatar; the QFZA and QFC continue to enrich and diversify the overall business landscape in Qatar by providing investors with flexibility and choices in line with their business objectives.”
IPA Qatar is the national agency responsible for promoting and facilitating international investment in Qatar, said Hamad Rashid Al Naimi, Manager Investor Relations, IPA Qatar said.
Speaking about Qatar’s value proposition he noted, Qatar is a stable and resilient economy – powered by a rigorous diversification agenda, a vibrant environment for innovation, and a business-friendly ecosystem. “Qatar boasts a world-class climate for business and investment with competitive fiscal incentives and support for expatriate labour. In terms of fiscal incentives Qatar offers 100 percent foreign ownership in all sectors which is quite unrivalled in the GCC region,” he added.
Bader Shaheen Al Kuwari, Director of Tax Treaties & International Cooperation, GTA noted, Qatar has a stable and transparent investment environment and is one of the few markets in the region that is known for stability and transparent tax laws which makes it easier for businesses to plan their environment, especially with the existence of IPA and the reduction of administrative procedures.
Nasser Al Taweel, Deputy CEO & Chief Legal Officer, QFC said the government of Qatar has been focused on attracting businesses, pointing to the recent developments about non-Qataris allowed to own up to a 100 percent of the share capital of listed companies.
Naif Al Sowaidi, Director – Regulations, QFZA highlighted some of the key drivers and benefits for organisations to setup their businesses within QFZA.
Sajid Khan, Qatar Tax & Legal Services Leader, PwC Qatar gave an overview of the guide and shed light on the tax and legal landscape in Qatar. He said, the guide provides a broad snapshot of what investors can look for, businesses can expect and key highlights such as the reform of commercial companies laws, the ‘Single window’ initiative, the broadening of QFC offering, QFZ aiming to play a key role, and the establishment of the GTA, issuance of new tax law, introduction of Dhareeba.
The release of the guide follows recent tax, legal and regulatory developments that have further contributed to positioning Qatar as a world-class investment hub.
Developed in collaboration with PwC Qatar, the guide provides companies with a full understanding of the tax, legal and regulatory framework in Qatar, highlighting the ease of setting up and doing business in the country.
The guide also details the vast, sector-diverse opportunities where businesses can leverage Qatar’s business-friendly investment ecosystem and highlights how IPA Qatar can help businesses throughout their investment journey, from consideration to operation and expansion to ensure their success in Qatar.
Credits: The Peninsula. Qatar