With extensive knowledge of obtaining tax assessments and NOCs from the GTA, we also have strong relationships at various levels within the GTA, allowing us to guide you through the process and assist you in facilitating communication with respective authorities. IHP CHARTERED ACCOUNTANTS can assist you with the preparation and filing of objections and appeals before the Tax Appeal Committee when the GTA imposes additional taxes and penalties as part of its assessment.
Businesses subject to excise tax are responsible for registering, collecting tax, filing periodic returns and paying excise tax to local authorities. Excise tax is imposed exclusively on excisable goods. In Qatar as of 1 January 2019, the following goods are subject to excise tax at the following rates:
- Tobacco and its products – 100%
- Energy drinks – 100%
- Carbonated drinks – 50%
- Special purpose goods (consumed under specific conditions and authorizations) – 100%
To ensure full compliance and manage taxes efficiently, businesses must assess their excise tax obligations carefully.
IHP CHARTERED ACCOUNTANTS would be pleased to help you analyze the potential impact of the excise tax and develop a plan as to what steps need to be taken to be prepared for the excise tax in Qatar.
Value Added Tax(VAT)
The Qatari government and all other GCC member states have signed the Value-Added Tax(VAT) Framework Agreement, which requires them to implement VAT and establish national legislation within agreed parameters. We expect the VAT law to be announced during 2022 as a result of the mentioned fact and recent tax improvements in the State.
VAT is not meant to be a tax on businesses, but the compliance costs associated with collecting and remitting the tax could be significant. Cash flow implications might also come into play.
It is important to review supply chains to understand the impact of VAT, which will require identification of costs and accounting obligations. There will be consequences for information technology systems as well. As VAT legislation changes, it will be necessary to update or upgrade ERP and IT systems and interfaces in order to capture VAT inputs and outputs correctly. Governance frameworks must also be reviewed and updated to ensure policies, processes, and controls comply and continue to comply.
With IHP CHARTERED ACCOUNTANTS in Qatar, it is our aim to provide comprehensive VAT solutions that will help your company manage VAT implementation in a highly efficient and effective manner. A team of highly-skilled professionals works for us , with experience representing Qatar among the largest organizations around the world.
Capital Gains Tax Return
Providing such real estate and securities are not used in connection with a taxable activity, the individual’s capital gains on the disposition of these assets are exempt from income tax.
In Qatar, capital gains derived by non-residents are subject to 10% income tax. Capital gains tax returns must be filed within 30 days of the sale of the asset or concluding the contract, whichever is earlier.