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Tribune News Network
Doha
Businesses in Qatar should review the impact of the changes to the Executive Regulations to the Income Tax and implement the required changes in their organisations, according to KPMG in Qatar.
On 11 December 2019, Qatar published the Executive Regulations to the Income Tax Law No 24 of 2018 in the official Gazette. The previous executive regulations are now revoked. The new Executive Regulations will replace the old ones, containing a number of substantive changes with respect to the scope of tax exemptions and withholding tax application, the determination of the taxable income as well as tax audits and procedures. Furthermore, the Executive Regulations have introduced Transfer Pricing reporting obligations the state law in Qatar.
In this context, KPMG in Qatar organised a seminar recently, drawing the participation of more than 150 clients and tax experts from KPMG.
KPMG’s Head of Tax and Corporate Services in Qatar, Barbara Henzen, said, “The new Executive Regulations have narrowed down the scope of Tax Exemptions substantially and a lot of companies will newly become taxable or will face higher taxes and more complex filing requirements. Exempt entities will have to carefully review the changes and ensure compliance with the new rules.”
“The applicability of withholding tax has become much wider and taxpayers will need to review transactions that could be caught under the new regulations and assess the commercial and financial impact of these changes,” said Jain Abishek, KPMG in Qatar Senior Tax Manager.
Imran Ayub, KPMG Qatar Senior Tax Manager, said the new regulations brought significant changes with respect to the calculation of the taxable income and the tax procedures. The changes will reshape Qatar’s corporate tax system, he added.
Filip Vukovi?, Head of Transfer Pricing, KPMG Middle East and South Asia and Uma Patankar, KPMG Qatar Transfer Pricing Manager took the attendees through the upcoming Transfer Pricing journey.
Doha
Businesses in Qatar should review the impact of the changes to the Executive Regulations to the Income Tax and implement the required changes in their organisations, according to KPMG in Qatar.
On 11 December 2019, Qatar published the Executive Regulations to the Income Tax Law No 24 of 2018 in the official Gazette. The previous executive regulations are now revoked. The new Executive Regulations will replace the old ones, containing a number of substantive changes with respect to the scope of tax exemptions and withholding tax application, the determination of the taxable income as well as tax audits and procedures. Furthermore, the Executive Regulations have introduced Transfer Pricing reporting obligations the state law in Qatar.
In this context, KPMG in Qatar organised a seminar recently, drawing the participation of more than 150 clients and tax experts from KPMG.
KPMG’s Head of Tax and Corporate Services in Qatar, Barbara Henzen, said, “The new Executive Regulations have narrowed down the scope of Tax Exemptions substantially and a lot of companies will newly become taxable or will face higher taxes and more complex filing requirements. Exempt entities will have to carefully review the changes and ensure compliance with the new rules.”
“The applicability of withholding tax has become much wider and taxpayers will need to review transactions that could be caught under the new regulations and assess the commercial and financial impact of these changes,” said Jain Abishek, KPMG in Qatar Senior Tax Manager.
Imran Ayub, KPMG Qatar Senior Tax Manager, said the new regulations brought significant changes with respect to the calculation of the taxable income and the tax procedures. The changes will reshape Qatar’s corporate tax system, he added.
Filip Vukovi?, Head of Transfer Pricing, KPMG Middle East and South Asia and Uma Patankar, KPMG Qatar Transfer Pricing Manager took the attendees through the upcoming Transfer Pricing journey.
