Latest news with #KhalifabinJassimAlJahamAlKuwari
Qatar Tribune
25-05-2025
- Business
- Qatar Tribune
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.
Gulf Insider
01-03-2025
- Business
- Gulf Insider
Qatar Launches 100% Tax Penalty Exemption Initiative
Qatar's General Tax Authority has announced a six-month financial penalty exemption initiative, offering businesses a 100 per cent waiver on tax-related fines as part of its commitment to fostering economic growth and strengthening the country's investment environment. Effective March 1, the initiative is open to companies that meet compliance requirements, including registration on the Dhareeba Tax Portal, updating taxpayer data, and ensuring the timely submission of all tax returns and financial statements. Participating businesses must also pledge to maintain full tax compliance for the next three years—2026, 2027, and 2028—by adhering to reporting deadlines and paying taxes on time. Throughout the initiative, eligible businesses may apply for penalty exemptions through the Dhareeba Tax Portal. Applications will be reviewed case-by-case, with decisions communicated directly through the portal. The initiative aims to ease financial burdens, promote transparency, and enhance tax system efficiency. Commenting on the program, Khalifa bin Jassim Al Jaham Al Kuwari, President of the General Tax Authority, said, 'The launch of this initiative is part of the General Tax Authority's ongoing commitment to enhancing Qatar's business landscape and strengthening the national economy's competitive edge. From alleviating financial strain on companies to improving tax system efficiency and fostering sustainable growth, this initiative reinforces Qatar's position as a regional and global investment destination.' He added that the General Tax Authority is keen to balance tax compliance with corporate support, ensuring fiscal policies align with business needs. 'We encourage all taxpayers to take advantage of this unique and unprecedented opportunity, which provides them with the necessary time to achieve more efficient compliance, further solidifying our collective commitment to building a prosperous economic future for the nation,' he said. The General Tax Authority has published a comprehensive guideline on its website detailing the initiative's conditions, application process, and eligibility criteria. Taxpayers can also seek assistance through the Authority's call centre or email.
Gulf News
28-02-2025
- Business
- Gulf News
Qatar launches 100% tax penalty exemption initiative
Dubai: Qatar's General Tax Authority has announced a six-month financial penalty exemption initiative, offering businesses a 100 per cent waiver on tax-related fines as part of its commitment to fostering economic growth and strengthening the country's investment environment. Effective March 1, the initiative is open to companies that meet compliance requirements, including registration on the Dhareeba Tax Portal, updating taxpayer data, and ensuring the timely submission of all tax returns and financial statements. Participating businesses must also pledge to maintain full tax compliance for the next three years—2026, 2027, and 2028—by adhering to reporting deadlines and paying taxes on time. Throughout the initiative, eligible businesses may apply for penalty exemptions through the Dhareeba Tax Portal. Applications will be reviewed case-by-case, with decisions communicated directly through the portal. The initiative aims to ease financial burdens, promote transparency, and enhance tax system efficiency. Commenting on the program, Khalifa bin Jassim Al Jaham Al Kuwari, President of the General Tax Authority, said, 'The launch of this initiative is part of the General Tax Authority's ongoing commitment to enhancing Qatar's business landscape and strengthening the national economy's competitive edge. From alleviating financial strain on companies to improving tax system efficiency and fostering sustainable growth, this initiative reinforces Qatar's position as a regional and global investment destination.' He added that the General Tax Authority is keen to balance tax compliance with corporate support, ensuring fiscal policies align with business needs. 'We encourage all taxpayers to take advantage of this unique and unprecedented opportunity, which provides them with the necessary time to achieve more efficient compliance, further solidifying our collective commitment to building a prosperous economic future for the nation,' he said. The General Tax Authority has published a comprehensive guideline on its website detailing the initiative's conditions, application process, and eligibility criteria. Taxpayers can also seek assistance through the Authority's call centre or email. Sign up for the Daily Briefing Get the latest news and updates straight to your inbox
Gulf Insider
26-02-2025
- Business
- Gulf Insider
Qatar Announces Tax Fine Exemption
Qatar has announced a major tax fine exemption as it looks to boost business growth in the country. The General Tax Authority announced the launch of a 100 per cent financial penalty exemption initiative, in a demonstration of its ongoing commitment to fostering business growth and supporting national economic policies. Effective March 1, 2025, the initiative will run for six months, subject to the applicable rules and regulations, the Authority stated. The General Tax Authority said the initiative is designed to alleviate financial burdens on businesses while enabling them to rectify their tax compliance status. To qualify, companies must register on the 'Dhareeba Tax Portal' and ensure that all taxpayer data is updated. They are also required to submit all necessary tax returns and financial statements in accordance with regulations and pledge to maintain full compliance over the next three years (2026, 2027, and 2028), by submitting returns and paying tax dues on time. Throughout the initiative's duration, eligible businesses may apply for penalty exemptions through the Dhareeba Tax Portal. The General Tax Authority will assess applications on a case-by-case basis and communicate approval decisions directly through applicants' portal accounts. By introducing this initiative, the General Tax Authority aims to enhance transparency and improve service efficiency. President of the General Tax Authority Khalifa bin Jassim Al Jaham Al Kuwari, said: 'The launch of this initiative underscores the General Tax Authority's ongoing commitment to enhancing Qatar's business landscape and strengthening the national economy's competitive edge. 'By alleviating financial strain on companies, improving tax system efficiency and transparency, and fostering sustainable growth, this initiative reinforces Qatar's position as a leading investment destination both regionally and globally. 'We recognise that a thriving economy depends upon the adaptability of its fiscal policies and the alignment of institutions with the evolving needs of the business sector. 'The General Tax Authority remains dedicated to developing tax mechanisms that balance tax compliance with corporate support, serving as a catalyst for Qatar's economic advancement. 'We encourage all taxpayers to take advantage of this unique and unprecedented opportunity, which provides them with the necessary time to achieve more efficient compliance, further solidifying our collective commitment to building a prosperous economic future for the nation'. The General Tax Authority invites taxpayers to review the comprehensive guideline available on its website, which provides a detailed overview of the initiative's conditions, requirements, and application procedures. This initiative demonstrates the General Tax Authority's vital role in fostering the sustainability of the national economy. By implementing a tax system that adheres to the highest standards of efficiency and innovation, the Authority actively contributes to achieving the objectives of the Third National Development Strategy, which prioritizes sustainable economic growth as a key pillar of Qatar's long-term vision.
Arabian Business
25-02-2025
- Business
- Arabian Business
Qatar announces tax fine exemption
Qatar has announced a major tax fine exemption as it looks to boost business growth in the country. The General Tax Authority announced the launch of a 100 per cent financial penalty exemption initiative, in a demonstration of its ongoing commitment to fostering business growth and supporting national economic policies. Effective March 1, 2025, the initiative will run for six months, subject to the applicable rules and regulations, the Authority stated. Qatar tax fines The General Tax Authority said the initiative is designed to alleviate financial burdens on businesses while enabling them to rectify their tax compliance status. To qualify, companies must register on the 'Dhareeba Tax Portal' and ensure that all taxpayer data is updated. They are also required to submit all necessary tax returns and financial statements in accordance with regulations and pledge to maintain full compliance over the next three years (2026, 2027, and 2028), by submitting returns and paying tax dues on time. Throughout the initiative's duration, eligible businesses may apply for penalty exemptions through the Dhareeba Tax Portal. The General Tax Authority will assess applications on a case-by-case basis and communicate approval decisions directly through applicants' portal accounts. By introducing this initiative, the General Tax Authority aims to enhance transparency and improve service efficiency. President of the General Tax Authority Khalifa bin Jassim Al Jaham Al Kuwari, said: 'The launch of this initiative underscores the General Tax Authority's ongoing commitment to enhancing Qatar's business landscape and strengthening the national economy's competitive edge. 'By alleviating financial strain on companies, improving tax system efficiency and transparency, and fostering sustainable growth, this initiative reinforces Qatar's position as a leading investment destination both regionally and globally. 'We recognise that a thriving economy depends upon the adaptability of its fiscal policies and the alignment of institutions with the evolving needs of the business sector. 'The General Tax Authority remains dedicated to developing tax mechanisms that balance tax compliance with corporate support, serving as a catalyst for Qatar's economic advancement. 'We encourage all taxpayers to take advantage of this unique and unprecedented opportunity, which provides them with the necessary time to achieve more efficient compliance, further solidifying our collective commitment to building a prosperous economic future for the nation'. The General Tax Authority invites taxpayers to review the comprehensive guideline available on its website, which provides a detailed overview of the initiative's conditions, requirements, and application procedures. This initiative demonstrates the General Tax Authority's vital role in fostering the sustainability of the national economy. By implementing a tax system that adheres to the highest standards of efficiency and innovation, the Authority actively contributes to achieving the objectives of the Third National Development Strategy, which prioritizes sustainable economic growth as a key pillar of Qatar's long-term vision.
