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Complete Details About Tax Services In Qatar That We Must Read

Qatar is drastically moulding itself to become the investment hub of the Arab peninsula. Its liberal economic policies have attracted the interest of foreign investors from around the world. More and more foreign investors are planning to establish a business in Qatar. As a result, more and more companies are levitating towards doing foreign company registration in Qatar.

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Complete Details About Tax Services In Qatar That We Must Read

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  1. Complete Details About Tax Services In Qatar That We Must Read Qatar tax Qatar is drastically moulding itself to become the investment hub of the Arab peninsula. Its liberal economic policies have attracted the interest of foreign investors from around the world. More and more foreign investors are planning to establish a business in Qatar. As a result, more and more companies are levitating towards doing foreign company registration in Qatar. Before setting up a business in Qatar, it is important to understand Qatar tax audit services. The flexible tax structure allows more and more businesses to easily set up in Qatar. However, not following the proper structure can lead to heavy fines and restrictions from the government and may even involve penalization and legal proceedings. Let us understand the different kinds of taxes imposed on businesses in Qatar. Company tax As per the company tax or corporate tax, a business entity is liable to pay 10% of the total profits as tax. This tax slab is one of the lowest around the world, which makes it very lucrative for businesses to invest in Qatar.

  2. Withholding tax The taxation structure under the withholding tax includes: Dividends: ● The Qatar administration does not withhold tax on the earnings from dividends. Interest: ● The rate of taxation on the interest earned is 7%. Royalties: ● The income earned from royalties is subject to taxation at a 5% rate. Technical Service Fees: ● The income earned from Technical Service fees is subject to taxation at the rate of 5%. This tax is only applicable to the non-residents of Qatar. Other taxes: ● Income earned from other services such as attendance fees, brokerage and commissions is liable for taxation at the rate of 7%. Retention tax: ● Income earned from retention is liable for taxation at the rate of 3%. Income tax in Qatar

  3. One point to note is that Qatar does not levy taxes on the wages and salaries of individuals. Moreover, the tax structure in Qatar offers flexibility as well as exemption from taxation on the income earned from bank fixed deposits, equity shares, etc. Selective taxes The government of Qatar plans to levy special taxation on hazardous goods, or harmful goods. These taxations include up to 100% on different tobacco products and 50% taxation on sugary drinks. VAT Vat has been implemented in Qatar from the first day of 2019 onwards. As per the VAT framework of the GCC, all the countries in the GCC are required to levy VAT at the rate of 5% on the earnings. These are all the taxations applicable to the earnings earned in Qatar. A proper tax and audit services in Qatarcan help you navigate through the tax structure in Qatar. Let us check out the different categories of businesses that are taxable in Qatar: Sources of taxation in Qatar The main tax categories or taxable sources of income include: Contracts partially or wholly carried out Business activities conducted in Qatar Interest and loan obtained in Qatar Real estate activities in Qatar Natural resources extraction in the territory of Qatar ● ● ● ● ● According to tax and audit services in Qatar, the points mentioned above are the main sources of taxation in Qatar. In other words, the Qatar administration

  4. generates the most income from these taxation sources. As a foreign investor or business owner, you also need to know about the double tax agreement between Qatar and your native country to avoid any kind of double taxation on your earnings. Relief from double tax The double tax agreement is a process to remove any kind of double tax levied on businesses at the time of import and export of goods and services. The levying of the double tax treaty allows countries to sign multiple tax agreements with Qatar to prevent businesses from paying double tax to carry out businesses. Qatar has a double tax agreement with over 60 countries. This helps to attract more and more foreign investors into Qatar, as they save money on the exemption from double taxation. New taxation laws in Qatar According to tax audit services in Qatar, the new tax laws that are being prepared by the government are aimed at providing further tax relief to businesses who wish to set up business in Qatar. The list of new tax laws include: The government has approved the levying of General Tax The government is planning to make certain exemptions in specific economic development sectors Qatari citizens and residents would not be liable for any kind of taxation VAT will be implemented on the goods and services being developed in Qatar Selective tax to be levied on hazardous goods and harmful goods. ● ● ● ● ● These are the different types of taxation and tax law in Qatar that you should know while doing business in Qatar. If you want more information about foreign company registration in Qatar, you must visit AAIQA today.

  5. Name Website AAIQA Group https://www.aaiqa.com/

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