While known primarily for its vast gas reserves prior to 2010, Qatar’s global profile received a major boost that year when it was chosen to host the 2022 FIFA World Cup, leading to a significant increase in infrastructure development throughout the country. Qatar is now leveraging its natural resources to become a knowledge-based, diversified economy, and it is looking to attract greater foreig
Qatar’s performance during the Covid-19 pandemic built on the strength of its response to the economic blockade imposed in mid-2017. The economy has been supported by the North Field expansion project, which will increase liquefied natural gas (LNG) production from 77m tonnes per year in 2018 to 110m tonnes per year in 2027, when the project is set to be completed. The development will furthe
As Qatar moves into the new decade it is forging ahead with economic diversification plans in line with Qatar National Vision 2030 while also working to increase the output of liquefied natural gas (LNG) by roughly two-thirds. Indeed, Qatar withdrew from the Organisation of the Petroleum Exporting Countries at the beginning of 2019 to focus on its gas sector, which produces one-third of the worldâ
On December 13, 2018 Qatar repealed the decade-long Income Tax Law (Law No. 21 of 2009) and issued the new Income Tax Law (Law No. 24 of 2018). Executive regulations (ERs) implementing Law No. 24 of 2018 were published on December 11, 2019. Highlights have been prepared based on the ERs accompanying Law No. 24 of 2018. The new ERs contain substantive changes covering the determination of taxable income,…
Viewpoint:Sultan Hassan Al Dosari; and Alamgir Khan Qatar has successfully handled the effects of the embargo imposed on it by neighbouring countries since mid-2017. Authorities have presented a 2020 budget showing five years of high expenditure and a surplus of QR500m ($137.2m). Revenue is unchanged from the 2019 budget, at QR211bn ($57.9bn), while expenditure is forecast to increase by 2%.…
On December 13, 2018 Qatar repealed the decade-long Income Tax Law (Law No. 21 of 2009) and issued the new Income Tax Law (Law No. 24 of 2018). Executive regulations (ERs) implementing Law No. 24 of 2018 were published on December 11, 2019. Highlights have been prepared based on the ERs accompanying Law No. 24 of 2018. The new ERs contain substantive changes covering the determination of taxable…
While the country has primarily been known for its vast gas reserves, Qatar’s global profile received a major boost in 2010 when it won the bid to host the 2022 FIFA World Cup. Since the announcement, the country has witnessed extensive international investment and substantial infrastructure projects, allowing the population to grow by an estimated 40% since 2010 due to an influx of foreign work
The international tax environment has been evolving rapidly in the last two years, with a number of changes affecting the GCC states. With increased budgetary requirements, sustained lower oil prices and heightened government spending requirements, the pursuit of new income sources in the region was widely anticipated. In early May 2017 the Qatar cabinet approved draft VAT and excise laws,…
The current tax rules in Qatar are governed by Law No. 21 of 2009, which came into effect on January 1, 2010. The executive regulations – effective from July 1, 2011 – contain the detailed rules related to the administration of the tax regime. The Qatar Tax Department (QTD) also periodically issues circulars to provide guidance on the interpretation of provisions in the Qatar tax law and…
Interview:Wadih AbouNasr Where do you see the most potential for the government to develop new revenue streams? WADIH ABOUNASR: When tasked with counteracting the slump in hydrocarbons prices, the government floated the potential introduction of value-added tax (VAT) and excise tax as initial moves to diversify revenue streams. However, it is evident that other measures will also be needed…
