First I think if you live in Qatar you should know the laws better. Second this is the article in Gulf News today and I think it is very clear what it says:
Doha: Qatar issued a new tax law on Tuesday that will be effective on January 2010, Qatar News Agency (QNA) reported.
"Shaikh Tamim Bin Hamad Al Thani, the Emir's deputy and crown prince, issued today law No. (21) of 2009 on the issuance of the income tax law. The law is to go into force as of January 1, 2010 and is to be published in the official gazette," QNA said.
Shaikh Tamim is sitting in for his father Emir Shaikh Hamad Bin Khalifa Al Thani who is attending World Summit on Food Security in Rome.
The official agency did not give details about the law, but it is most likely to cut corporate taxes to 10 per cent down.
Earlier this month, Qatar’s Finance Minister Yousuf Kamal said that Qatar planned to lower the tax rate on foreign companies to a flat 10 per cent starting next year.
“There is a new tax law and once promulgated it will lower the rate to 10 per cent,” the minister told a press conference in Doha.
Qatar currently imposes a profit tax on foreign-owned companies at a progressive rate ranging from 10 to 35 per cent.
A Western news agency earlier reported that Qatar would introduce an individual income tax. However, a government official later said that the new income tax law would apply to revenues of corporations and not that of individuals.
"This law will apply to companies ... not people," the official, who declined to be identified, told the news agency by telephone.
Income Law No. 11/1993 imposes income tax on the taxpayer - natural persons and corporate bodies- arising from activities in Qatar, including profits from any contract executed in Qatar, profits realised from the sale of any asset of an establishment, agency commissions, consultation fees, amounts from the sale, rent or concession of intellectual property rights, bad debts collected by the taxpayer and net profits upon dissolution of a company.
Tax liabilities are computed on the basis of profits disclosed by audited financial statements, adjustments for tax depreciation and any items disallowed by the Income Tax Department.
However, corporate tax is levied only on foreign owned business entities in Qatar, and there is no tax rate for Qatari-owned businesses.
According to Forbes 2009 Tax Misery & Reform Index, which evaluates policies that attract or repel capital and talent, Qatar has the world’s friendliest tax climate.
Qatar has embarked on a massive plan to curb its heavy reliance on oil and gas income by spending billions of dollars to develop its non-oil economy.
MP Jassem Husain, a Bahraini economist and business analyst, has repeatedly called for the imposition of taxes on foreign and local investments as a means to boost the state budget that will enable the launch of massive projects while reducing reliance on oil income.
First I think if you live in Qatar you should know the laws better. Second this is the article in Gulf News today and I think it is very clear what it says:
Doha: Qatar issued a new tax law on Tuesday that will be effective on January 2010, Qatar News Agency (QNA) reported.
"Shaikh Tamim Bin Hamad Al Thani, the Emir's deputy and crown prince, issued today law No. (21) of 2009 on the issuance of the income tax law. The law is to go into force as of January 1, 2010 and is to be published in the official gazette," QNA said.
Shaikh Tamim is sitting in for his father Emir Shaikh Hamad Bin Khalifa Al Thani who is attending World Summit on Food Security in Rome.
The official agency did not give details about the law, but it is most likely to cut corporate taxes to 10 per cent down.
Earlier this month, Qatar’s Finance Minister Yousuf Kamal said that Qatar planned to lower the tax rate on foreign companies to a flat 10 per cent starting next year.
“There is a new tax law and once promulgated it will lower the rate to 10 per cent,” the minister told a press conference in Doha.
Qatar currently imposes a profit tax on foreign-owned companies at a progressive rate ranging from 10 to 35 per cent.
A Western news agency earlier reported that Qatar would introduce an individual income tax. However, a government official later said that the new income tax law would apply to revenues of corporations and not that of individuals.
"This law will apply to companies ... not people," the official, who declined to be identified, told the news agency by telephone.
Income Law No. 11/1993 imposes income tax on the taxpayer - natural persons and corporate bodies- arising from activities in Qatar, including profits from any contract executed in Qatar, profits realised from the sale of any asset of an establishment, agency commissions, consultation fees, amounts from the sale, rent or concession of intellectual property rights, bad debts collected by the taxpayer and net profits upon dissolution of a company.
Tax liabilities are computed on the basis of profits disclosed by audited financial statements, adjustments for tax depreciation and any items disallowed by the Income Tax Department.
However, corporate tax is levied only on foreign owned business entities in Qatar, and there is no tax rate for Qatari-owned businesses.
According to Forbes 2009 Tax Misery & Reform Index, which evaluates policies that attract or repel capital and talent, Qatar has the world’s friendliest tax climate.
Qatar has embarked on a massive plan to curb its heavy reliance on oil and gas income by spending billions of dollars to develop its non-oil economy.
MP Jassem Husain, a Bahraini economist and business analyst, has repeatedly called for the imposition of taxes on foreign and local investments as a means to boost the state budget that will enable the launch of massive projects while reducing reliance on oil income.