Doha – Mubasher: Qatar’s government has approved the draft law for the Income Tax and Value-Added Tax (VAT), reported Qatar News Agency (QNA), citing deputy prime minister Ahmed bin Abdullah bin Zaid Al Mahmoud.
The new law is an alternative to the ones issued in 2009 and 2014 and aims to support the tax sector’s revenues and promote tax compliance, Al Mahmoud, who doubles as minister of state for cabinet affairs, added, according to QNA.
The old law exempted a stake in profits owned by non-Qatari investors in some companies and investment funds from the income tax.
Qatar’s Ministry of Finance prepared the draft law in accordance with the GCC VAT agreement, Al Mahmoud added.
The law includes the conditions related to tax entitlement, the declaration of loss or damage of selective goods, tax returns, and the regulations for paying taxes in the case of local production, QNA added.
