Doha: PwC Middle East in Qatar hosted its annual Tax and Legal seminar with the theme of ‘Connecting Experts, Creating Solutions’. Experts from the firm highlighted local, regional and international tax and regulatory changes impacting Qatar’s business landscape.
The seminar covered major upcoming developments such as introduction of Global Minimum Tax/Pillar II which requires a 15% effective tax to be paid by large organisations with group consolidated revenues exceeding EUR 750m (approx QR2.97bn) annually. This is expected to have a notable impact on large Qatari headquartered companies who have previously benefitted from a low or no taxation in Qatar as well as a full tax exemption, if listed on the Qatar Exchange.
The event also focussed on upcoming developments such as the introduction of VAT in Qatar and E-invoicing, similar to its application in other GCC countries. Given the organisation-wide impact resulting from such changes, which requires companies to dedicate sufficient time and resources for effective preparation. Other updates included domestic tax developments from a corporate income tax and transfer pricing perspective which require tax payers and businesses to be agile and promptly address their local tax affairs.
Sajid Khan (pictured), Tax & Legal Services Leader in Qatar at PwC Middle East said: “In an ever-evolving tax and regulatory landscape, adopting a proactive approach is essential for navigating changes and dealing with challenges effectively. Companies must grasp the implications of tax development coming ahead, new resourcing requirements and heightened focus on proactive tax risk management.”
He added, “With PwC’s comprehensive understanding of these evolving changes, along with our local expertise and global insights, we are well-equipped to offer tailored solutions that mitigate risks and support businesses on
capitalising emerging opportunities.”
Bassam Hajhamad, Qatar Country Senior Partner and Qatar Consulting Lead at PwC Middle East commented: “Qatar’s General Tax Authority ensures that Qatari businesses remain competitive with regional and international standards. Providing a platform to discuss the practical implications of regulatory shifts is essential to adhere to new tax laws, international legislations, and compliance that will help structure the Qatari business environment. Navigating these complexities around regulatory shifts would be the primary step towards the country’s transformation journey.”
