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Draft Law On VAT And Income Tax Gets Approved By The Cabinet.

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The cabinet of Qatar okayed the draft law on income tax and VAT, the meeting was headed by the Prime Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al-Thani. The income tax draft law will overtake the Income Tax Law promulgated by Law No. (21) of 2009 and Law No. (17) of 2014 that exempts the share of non-Qatari investors in the profits of some companies and investment funds from the income tax.

The Ministry of Finance has prepared the draft law on VAT within the framework of GCC VAT agreement. The six-nation GCC is planning to come up with a 5% VAT as a way to increase revenues from non-oil sectors.

The draft decision of the council of ministers to issue executive regulation of the selective tax law was also approved in the cabinet meeting. It includes the provisions concerning tax entitlement, the declaration of the loss or damage of selective goods, inspection of damaged goods, registration, tax declaration, rules of payment of tax in the case of local production, maintaining of accounting systems, the language of accounting records, and control and inspection ruler.

 

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