- November 11, 2021
- Posted by: Ajmal
Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, hosted an in-person event, the first since the introduction of the COVID-19 related restriction measures, to discuss the opportunities offered by QFC corporate solutions in light of the recent developments in the global tax framework.
Recently, 136 jurisdictions, including Qatar, joined the Two-Pillar Solution proposed by the OECD/G20 to address the tax challenges arising from the digitalisation of the economy. Pillar 1 introduces important changes to nexus and profit attribution rules for major tech companies, whereas Pillar 2 introduces a global minimum tax of 15% with the aim to stop tax competition and set a floor for tax liability globally.
The event, which convened Q-companies, financial institutions, law firms and tax consultants, focused on Pillar 2 and how it would impact Q-companies having operations overseas.
During the event, leading tax experts clarified the potential impact of Pillar 2 on Q-companies and showed the importance of such impact on structuring decisions and the relevance of bringing some of those structures to QFC.
The speakers discussed improving and developing the local capital markets and investment sector, highlighting the array of opportunities at the QFC platform for corporate structures that can be used for investment, holding assets, bonds, Sukuk, and Real Estate Investment Trusts (REITs).
Yousuf Mohamed Al Jaida, Chief Executive Officer at QFC said: “As an onshore business and financial centre, QFC is very much about creating a level-playing field for firms registered on its platform. For this reason, we continue to introduce solutions to business challenges to ensure that ease of doing business is a standard at the QFC platform. It is our goal to assist our firms in realising their ambitions in Qatar or beyond. That is why it is important for QFC to host events such as this one, where we gather QFC stakeholders and experts in the fields to discuss trends, developments, and best practices that impact the business sector”.
The latest legal developments around QFC were also presented at the event, including real estate ownership and its fast-track approach to opening Special Purpose Companies, and QFC as ISDA-recognised netting jurisdiction.
Commenting on the recent developments at the platform, Nasser Al Taweel, Deputy CEO & Chief Legal Officer at QFC said: “With Qatar opening up its market to Real Estate Investment Trusts (REITs), QFC encourages local and international investors to join this market and set up their REITs at the platform. This market presents a lucrative long-term investment opportunity for both local and international investors, and we at the QFC provide them with access to an array of important services—including real estate registration and authentication in collaboration with our government partners, which is crucial to creating a legislative framework to support the REITs”.