The Qatar Financial Centre Authority (QFCA) has published its entire in-house tax guidance manual online, marking a first in the Middle East and North Africa (Mena) region.
The 'QFC Tax Manual' is intended to help payers of corporate tax and their agents interpret the rules and regulations, to provide them with greater certainty and clarity and assist in preparing tax computations and returns.
This is the first time that all the QFC's tax guidance material has been published together. Hyperlinks give ready access to items in the manual, which is used by the QFC's tax team.
Last year, QFC had also published a 'Charter for QFC Taxpayers', which sets out what taxpayers can expect from the QFCA tax department in its dealings with them.
"The manual covers most eventualities and we believe it will help give taxpayers and their agents greater clarity in their dealings with the QFC tax department and help with investment decisions in the QFC," according to Ian Anderson, CFO and director of Tax, QFCA.
The QFC is not a tax haven. It is a location in which companies can operate onshore in Qatar, regionally and globally. The regime is straightforward in approach.
Drawing on established features of other tax regimes, it is clear in its application and effect. The unnecessary complexity of more mature tax regimes around the world is avoided. A particular virtue of the QFC regime is that the tax legislation is notably concise, a QFCA spokesman said.
The QFC tax department has also co-operated extensively with the relevant authorities of Qatar in reviews conducted under the Organisation for Economic Cooperation and Development Global Forum on Transparency and Exchange of Information for Tax Purposes.
In addition to being transparent and robust, the QFC tax regime is party to effective exchange of information agreements negotiated by the government with other tax authorities around the world.
© Gulf Times 2014
