Cabinet-approved tax incentive bolsters national economic competitiveness: GTA president
DOHA: President of the General Tax Authority (GTA), Khalifa bin Jassim Al JahamAl Kuwari, has lauded the Cabinet's endorsement of the draft decision granting a tax advantage on capital gains derived from intra-group corporate restructuring.
Speaking to Qatar News Agency (QNA), Al Kuwari emphasized that this measure reinforces the strategic thrust of the national economic policy geared toward diversifying the economy, supporting corporate growth, stimulating investment inflows, and bolstering the long-term competitiveness of the national economy.
The decision is a strategic step toward forging a flexible and incentivized investment environment by upgrading the tax system to remain competitive and capable of adapting to rapid transformations in the global economy, in alignment with best global practices in this field, he highlighted.
Al Kuwari underlined that empowering companies and encouraging them to list on the financial market not only supports their expansion but also constitutes a fundamental pillar in enhancing the appeal of the national economy, attracting foreign investments, and reinforcing confidence in the Qatari market as a stable and secure destination.
This step underscores the nation's commitment to promoting the business environment and economic growth, with the Cabinet endorsing a decision that grants a tax advantage on capital gains arising from intra-group corporate restructuring, His Excellency outlined.
He explained that the decision seeks to foster a more attractive investment climate by enabling companies to move toward listing on the financial market. It further provides for a capital gains tax exemption on the transfer or exchange of assets within holding companies, as part of sustained efforts to align with international best practices and stimulate sustainable institutional growth.
The decision comes in response to the requirements of the Qatari economy, as GTA has remained committed to crystallizing effective solutions that meet the aspirations of the business community and serve the economic and social development goals, Al Kuwari said.
He added that this orientation underscores the flexibility of tax policy as a strategic tool to enhance competitiveness in a global market that attracts investments.
Overall, GTA underscores its unwavering commitment to supporting policies and initiatives that contribute to upgrading the tax system, fostering the business climate, lending impetus to economic growth, and keeping up with the nation's aspirations toward a sustainable development path rooted in diversity and openness.
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