QFC hosts three round-table discussions on tax regulations

The Qatar Financial Centre (QFC) has hosted three round-table discussions with its departments, accounting and law firms and QFC entities to discuss the recent amendments to the source rule under the QFC tax regulations and rules. The move comes in the wake of amending the definition of local source profits to exclude profits from services used outside Qatar. This was yet another incentive introduced by the QFC to support firms in their regional and international expansion while remaining in line with international tax standards.
Al-Saadi: Supporting all relevant stakeholders.
“At the QFC, we are committed to supporting our firms and operate as a fully transparent entity. The purpose of these awareness sessions is to increase knowledge, which in turn, supports all relevant stakeholders in understanding the amendments,” Hamed al-Saadi, chief finance and tax officer, QFC Authority, said. QFC is now gearing up to host another round of discussion relating to value added tax and common reporting standard.
The QFC, which is home to over 437 firms, has a range of financial and non-financial services firms operating from its platform, with the latter comprising over 66% of licensed firms. These originate from Qatar and across the world, including Europe, Asia, North and South America, Africa, and the wider Middle East and North Africa region. Earlier this year, the QFC announced an enhanced registration process, licensing local and international firms in a record-breaking five days upon receiving all relevant incorporation documents. This follows news announced earlier this year when QFC reported a 41% year-on-year increase in new firm registrations in the first half of 2017.
By year end, the QFC expects 70% new business growth. The QFC remains committed to its mandate to support Qatar in its diversification efforts and continue to attract firms from across the globe to benefit from growing opportunities across key clusters including transportation, healthcare, tourism and culture, and sports.
Sources and photo-credits: Gulf Times