Qatar has one of the highest average income figures in the world, thanks to its abundant oil and gas resources and the absence of personal taxation.
In 2000, the government passed legislation permitting up to 100% foreign ownership in the following sectors:Agriculture Manufacturing Health Education Tourism Energy
This liberalisation, combined with light regulation and low taxationm has made Qatar very attractive to foreign and domestic investors alike.
Companies and not individuals pay taxation. However, only businesses with capital or annual profit exceeding QR100,000 are required to submit audited financial statements. If your business falls into this category, the accounts must be certified by a Ministry of Finance registered accountant.
You can find out more about taxation law by referring to the following documents. - The income tax law.
- Law No. (2) of year 1962 concerning the regulation of the general financial policy in Qatar.
- Law No. (5) of year 1989 concerning the state’s general budget.
- Decree No. (11) of year 1993 concerning the income tax.
- Law No. (1/200-2003).
- Law No. (7/200-2002).
- Tax Declaration.
- Asset statement.
- Tax account number.
- Contact the competent authority.
Please note that foreign ownership is not permitted in the financial and property sectors.
For more information on the tax law, please click here.
|
