Category: Qatar

Banking / Banking Secrecy / Common Reporting Standard / FATCA / Forms / Qatar / Regulatory

QIB continues to introduce new features on its award-winning mobile application

Published by: The Peninsula - August 17, 2020

Qatar Islamic Bank (QIB) has introduced new features to its award-winning Mobile App, in line with the bank’s ongoing efforts to provide customers with innovative digital options to fulfill all their banking needs remotely.Developed with customers’ daily banking requirements in mind, the QIB Mobile App now allows customers to benefit from new and simplified features, including the postponement of their Personal Finance Monthly Installment, opening the exclusive Certificates of Deposit for COVID-19 frontliners, filling and submitting the Common Reporting Standard (CRS), and completing Foreign Account Tax Compliance Act (FATCA) declarations. ... - Continue reading

Anti money laundering / Banking / Base Erosion & Profit Shifting / EU / IMF / Investments / Qatar / Tax Evasion / Tax Laws / Ukraine

Finance Ministry calls on parliament to adopt laws for cooperation with IMF, EU

Posted On: February 27, 2019

The Ukrainian Finance Ministry has called on the Verkhovna Rada to approve a package of bills that will open access to further macro-financial assistance from the EU and help continue cooperation with the IMF, the ministry’s press service has reported on its Facebook page. “This week, the Verkhovna Rada will… – Continue reading

Business / Common Reporting Standard / Country-by-Country (CbyC) Reporting / KPMG / Qatar / VAT

KPMG event to shed light on tax developments

Posted On: November 28, 2018

The Peninsula KPMG in Qatar will be holding a complimentary event to brief the country’s tax and finance practitioners on recent and upcoming developments in tax processes and regulations, on December 4. The event will see Senior Tax and Advisory leaders from KPMG, along with Salah Gueydi, Director of Tax… – Continue reading

Double Tax Treaty / Double Taxation / Investments / Qatar / Tax treaties / Zimbabwe

Zimbabwe, Qatar to pursue investment protection, taxation agreements

Posted On: May 8, 2018

HARARE, May 7 (Xinhua) — Zimbabwe and Qatar on Monday agreed to expeditiously negotiate and conclude agreements that protect future investments and avoid double taxation, Finance and Economic Development Minister Patrick Chinamasa has said. Addressing journalists in Doha, Qatar, after the first meeting between Zimbabwean President Emmerson Mnangagwa and Amir… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Financial Institutions / Qatar / Tax Laws

QFC hosts tax event for licensed firms

Posted On: April 22, 2018

DOHA: The Qatar Financial Centre (QFC) recently held an event to update its firms on the new rules being introduced globally to automatically exchange financial accounts information between countries. During the event, firms were presented with the context and key features of Common Reporting Standard (CRS), and offered an in-depth… – Continue reading

Base Erosion & Profit Shifting / Double Tax Treaty / India / Jurisdiction / OECD / Qatar / Tax Avoidance / Tax treaties

India Adds BEPS Provisions To Qatar Tax Treaty

Posted On: March 29, 2018

India has approved amendments to its double tax agreement with Qatar. The amendments update the information exchange provisions between the two countries in line with current international standards. A new Limitation on Benefits (LOB) provision has been introduced, which is designed to prevent “treaty shopping” (whereby companies or transactions are… – Continue reading

Dividends / Double Tax Avoidance Treaty / Individuals / Offshore Companies / Qatar / Tax Evasion / Ukraine

Ukraine and Qatar sign agreement on avoiding double taxation

Posted On: March 23, 2018

Foreign Minister of Ukraine Pavlo Klimkin and Finance Minister of Qatar Ali Shareef Al-Emadi have signed an agreement on avoiding double taxation and preventing income tax evasion between the government of Ukraine and Qatar. According to a Thursday posting on the website of the Finance Ministry of Ukraine, avoiding double… – Continue reading

Double Tax Avoidance Treaty / India / Narendra Modi / Qatar / Tax Evasion

Govt. revises Agreement between India and Qatar for avoidance of double taxation

Posted On: March 21, 2018

The Union Cabinet chaired by Prime Minister Narendra Modi today gave its approval for revision of the Agreement between India and Qatar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The existing Double Taxation Avoidance Agreement (DTAA) with Qatar… – Continue reading

Base Erosion & Profit Shifting / Common Reporting Standard / Jurisdiction / Multilateral Competent Authority Agreement / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Qatar / St. Kitts & Nevis

Qatar Commits Support To All Of The OECD’s Tax Work

Posted On: November 14, 2017

Qatar has become the 115th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention is touted by the OECD as “the most powerful instrument for international tax cooperation.” It provides for all forms of administrative assistance in tax matters: exchange of information on request,… – Continue reading

Australia / Debt / Directors / Income Tax / Interest / Interest Rate / Multinationals / Qatar / Related party Transactions / Revenue / Royalties / Tax Avoidance / Tax Deductions / Tax Haven / USA

Chevron: a game-changer for multinational tax avoiders

Posted On: April 24, 2017

The Australian Tax Office had a superb win against Chevron in the Federal Court last week, but there is something everyone is missing, something that will turn the art of tax avoidance on its head; a game-changer for multinationals. Put simply, Chevron borrowed US$2.5 billion in the US at less… – Continue reading

Double Taxation Agreement / Interest / Investments / Kuwait / Oman / Qatar / Royalties / Switzerland / UAE

DOUBLE TAXATION AGREEMENT BETWEEN SWITZERLAND AND OMAN

Posted On: December 11, 2016

MUSCAT -The Double Taxation Agreement (DTA) between Switzerland and Oman aiming to increase economic ties officially came into force last month, according to the Swiss government. Its provisions will be applicable from January 1, 2017, according to the government. The agreement was originally signed on May 22, 2015 before going… – Continue reading

Africa / Australia / Business / China / Double Taxation / Indonesia / Investments / Japan / New Zealand / Nigeria / Qatar / Singapore

Federal government moves to stop double taxation, evasion

Posted On: November 16, 2016

The Federal Executive Council, FEC, on Wednesday approved a bilateral agreement for the avoidance of double taxation and the prevention of physical evasion of taxes on income and capital benefits between Nigeria and Singapore. The Minister of Finance, Mrs. Kemi Adeosun disclosed to State House Correspondents, after the FEC meeting… – Continue reading

Base Erosion & Profit Shifting / Country-by-Country (CbyC) Reporting / Egypt / G20 / Jurisdiction / Legislation / Multinationals / OECD / Pakistan / Qatar / Saudi Arabia / Transfer pricing / UAE

MENA Transfer Pricing in a Post BEPS World

Posted On: November 2, 2016

Historically, the Middle East and North Africa (MENA) region has been perceived as a region where taxation and transfer pricing initiatives are not high up on government agendas. Although this has been the case for a significant period of time, recent changes in the region such as decreases in global… – Continue reading

Africa / Apple / Asia / Bahrain / Corporation Tax / EU / Europe / European Commission / Google / Israel / Jordan / Jurisdiction / Morocco / OECD / Oman / Qatar / Saudi Arabia / Tax Avoidance / Tunisia / UAE

Nine Middle East Countries At Risk Of EU Sanctions Over Tax Governance

Posted On: September 19, 2016

The European Commission has put nine Middle Eastern and North African countries on notice that they are at risk of measures being taken against them to deter tax avoidance. The nine countries (see table below) are Bahrain, Israel, Jordan, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, and the United Arab Emirates… – Continue reading

Automatic Exchange of Information / Bahrain / Business / FATCA / Jurisdiction / Kuwait / London / OECD / Qatar / Saudi Arabia / Tax Evasion / United Arab Emirates

OECD launches common reporting standard

Posted On: March 22, 2016

The Organization for Economic Co-operation and Development (OECD) has launched the Automatic Exchange of Information (AEOI) also known as the common reporting standard (CRS) – a globally co-ordinated approach to disclosure of account information between tax authorities. It follows on from several country’s successful implementation of the US Fatca regulations… – Continue reading

Business / Capital gains / Double Taxation / Income Tax / Individuals / Interest / Investments / Jurisdiction / Nigeria / Qatar / Tax Avoidance / UAE / Withholding Tax

Double taxation avoidance treaty with Qatar: What is in it for Nigeria?

Posted On: February 29, 2016

The federal government of Nigeria and Qatar have signed an agreement for the avoidance of double taxation on income and capital gains for investments between the two countries. In addition to the elimination of double taxation on business income, similar treaties between Nigeria and other countries provide for a lower… – Continue reading

Africa / Base Erosion & Profit Shifting / Business / Corporate Tax / Jurisdiction / Multinationals / OECD / Qatar / Tax competition / Tax treaties / Value Added Tax

Gulf’s proposed 5% VAT may translate into more than 10% hit on net income: EY

Posted On: January 24, 2016

The Gulf countries’ proposed 5% value added tax (VAT) may translate as more than a 10% hit on net income, unless tax efficiencies are improved, according to Ernst and Young (EY). “A 5% rate may not sound like a lot, but if it ends up as an additional cost on… – Continue reading

Bahrain / Business / Double Taxation / Global Ranking / Jordan / Jurisdiction / Kuwait / Lebanon / Oman / PWC / Qatar / Saudi Arabia / Tax Reform / UAE / VAT

Saudi Arabia third in global ranking for tax payment ease

Posted On: January 15, 2016

JEDDAH: Saudi Arabia has maintained third in the global ranking for ease of tax payment, according to the latest release of the Paying Taxes report by the World Bank and PwC. With the least demanding tax framework, well below the world average, the Kingdom has a total tax rate of… – Continue reading

Double Taxation / Gambia / Qatar

Qatar’s National Day Observed

Posted On: December 21, 2015

The embassy of the State of Qatar in Banjul were on Saturday, December 19th joined by Gambians in celebrating the oil-rich Gulf country’s National Day. Senior government officials including cabinet ministers, as well as foreign diplomats and representatives of various agencies in The Gambia graced the event. Speaking at the… – Continue reading

Algeria / Argentina / Bahrain / Brazil / Cameroon / Double Taxation / Egypt / EU / Germany / Investments / Kuwait / Libya / Mauritania / Morocco / Oman / Paraguay / Qatar / Saudi Arabia / South America / Tunisia / United Arab Emirates / Uruguay / Venezuela

Arab League intent on increasing investments in Brazil

Posted On: December 18, 2015

The organization’s new ambassador in the Brazilian capital Brasília claims trade and mutual investment between Arab countries and Brazil can be worked on. São Paulo – Newly appointed to represent the Middle East and North Africa countries in Brazil, the ambassador of the League of Arab States in the national… – Continue reading

Andorra / Argentina / Austria / Automatic Exchange of Information / Canada / Capital gains / Cyprus / Dividends / Dominican Republic / Double Taxation / EU / Finland / Guernsey / India / Isle of Man / Jersey / Monaco / Nigeria / OECD / Oman / Qatar / Real Estate / Royalties / Senegal / Spain / United Kingdom / USA / Uzbekistan

Spain and Finland sign new treaty to avoid double taxation and to fight tax fraud

Posted On: December 16, 2015

Given that the latest treaty was signed on 15 November 1967, the two countries felt it was appropriate to revise it in full. The new treaty, signed on Tuesday by the Spanish Ambassador to Finland, María Jesús Figa, and the Finnish Minister for Finance, Alexander Stubb, seeks to enable tax… – Continue reading

Base Erosion & Profit Shifting / Capital gains / Citizenship / Common Reporting Standard / Directors / Dividends / FATCA / Forms / IGA / Investments / Kuwait / PWC / Qatar / Regulatory / Transfer pricing / UAE

Sea-change in landscape of taxation

Posted On: November 30, 2015

KUWAIT CITY, Nov 29: “The world of taxation has changed tremendously impacted by FATCA, transfer pricing, Base Erosion and Profit Sharing, and others which require dramatic changes in existing operating models and structures,” remarked Fouad Douglas, PwC Country Senior partner, at a tax seminar organised by the PwC in conjunction… – Continue reading

Asia / Bahamas / Base Erosion & Profit Shifting / Bulgaria / EU / Europe / G20 / Gibraltar / India / Japan / Jordan / KPMG / Legislation / Macedonia / Malaysia / OECD / Pakistan / Philippines / Qatar / Singapore / Taiwan / Thailand / USA / Vietnam

GLOBAL TAXPAYERS CAN EXPECT TO PAY MORE TAX IN THE YEARS AHEAD

Posted On: November 26, 2015

Global taxpayers can expect to pay more tax in the years ahead. Many governments worldwide continue to update their tax legislation and expand their tax systems to repay debt and pay for increased social welfare, even as the memory of the last global financial crisis lingers. These are the conclusions… – Continue reading

Europe / Germany / Investments / Qatar / Tax evasion investigations / Volkswagen

Qatar-backed Volkswagen hit by tax evasion probe

Posted On: November 25, 2015

German prosecutors have launched an investigation into suspected tax evasion in connection with cheating on emissions tests by Volkswagen, adding to the intense scrutiny of Europe’s biggest carmaker. The investigation focuses on five Volkswagen employees, a spokesman for the prosecutor’s office in the northern German city of Braunschweig, near Volkswagen’s… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Directors / FATCA / KPMG / OECD / Qatar / Saudi Arabia / Tax Information Exchange Agreements / UAE

KPMG says Qatar companies need to be prepared for new global tax reporting

Posted On: November 25, 2015

Participants listen to an expert during the seminar hosted by KPMG Qatar. KPMG in Qatar held a seminar recently to help chief financial officers and chief compliance officers from financial institutions understand the implications of Common Reporting Standard (CRS) and what they need to do to comply. The seminar comes… – Continue reading

Africa / Base Erosion & Profit Shifting / G20 / Jurisdiction / OECD / Offshore Investments / Permanent establishment / Qatar / Residence / Tax Laws / Tax Planning / Tax treaties / Transfer pricing / Treaty Abuse

BEPS AND QATAR OUTBOUND INVESTORS – MANAGING REPUTATIONAL RISK AND PREPARING FOR CHANGE

Posted On: November 16, 2015

Across the globe, base erosion and profit shifting (BEPS) is making headlines and drawing the attention of not only governments and tax authorities but also non-government organizations, activists, lobbyists and the general public. As the public debate has spread to the Gulf Cooperation Council (GCC) countries, the focus now centers… – Continue reading

Asia / Cayman Islands / Croatia / Europe / Malaysia / Qatar / Singapore / Tax treaties

QFC eyeing more firms that can add value to Qatar’s economy

Posted On: November 5, 2015

(MENAFN – Gulf Times) The Qatar Financial Centre (QFC) is eyeing more financial and professional services firms, including Islamic finance firms from Asia and South East Asia as part of its strategic move to reach out to the untapped promising markets. The QFC, an onshore platform with a unique offering,… – Continue reading

Africa / Asia / Base Erosion & Profit Shifting / Common Reporting Standard / FATCA / OECD / Privacy / Qatar / Visa

Qatar regulatory changes present risks and opportunities for CFOs, says ICAEW

Posted On: November 3, 2015

Recent legal changes in Qatar must be understood by chief financial officers (CFOs) and finance professionals if businesses are going to be able to address potential risks, the Institute Of Chartered Accountants In England and Wales (ICAEW) said, reports the Gulf Times. The accountancy body partnered with international law firm… – Continue reading

Africa / Algeria / Alteo / Burkina Faso / Canada / Capital gains / Congo / Denmark / Double Taxation / DTA / Egypt / Essar Energy Overseas Ltd / Fees / France / Gabon / Germany / Ghana / Henry Rotich / India / Kenya / Kenya Petroleum Refineries Ltd (KPRL) / Kwale International Sugar Company Ltd (Kiscol) / Malawi / Mauritius / Nigeria / Omnicane / Qatar / Real Estate / Sweden / Tanzania / Transmara Sugar Company Limited (TSCL) / UAE / Uganda / United Arab Emirates / Waguthu Holdings (K) Limited / Zambia

Kenya: ‘Kenya Losing Billions to Tax Havens’

Posted On: November 3, 2015

The government has been accused of opening a loophole that allows super rich individuals and multinational companies to avoid taxes. The Tax Justice Network (TJN), a lobby group, has sued the government over agreements, which it says are robbing Kenya of the ability to raise revenues domestically, driving the country… – Continue reading

Africa / Asia / Base Erosion & Profit Shifting / Common Reporting Standard / FATCA / OECD / Privacy / Qatar / Visa

Regulatory changes in Qatar present risks and opportunities for CFOs

Posted On: November 2, 2015

Recent legal changes in Qatar must be understood by CFOs and finance professionals if businesses are going to be able to address the potential risks, according to ICAEW. The accountancy body partnered with international law firm Pinsent Masons to host a seminar about Qatar’s recent regulatory changes for senior financial… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Ernst & Young / FATCA / IGA / Kuwait / OECD / Offshore Tax Evasion / Qatar / Residence / Saudi Arabia / Tax Information Exchange Agreements / USA

Kuwait commits to US mandated FATCA law

Posted On: October 29, 2015

(MENAFN – Arab Times) The US Foreign Account Tax Compliance Act (FATCA) model has spurred the rise of a global automatic exchange of information, informed Hannah Shipley, Director at Ernst & Young, while speaking about FATCA and its implications during a business panel discussion held at the Kuwait Chamber of… – Continue reading

Asia / Australia / Chile / Deloitte / Denmark / Germany / Ireland / Japan / KPMG / Macedonia / OECD / Paraguay / Qatar / Spain / United Kingdom / USA

Australia out of step with global corporate tax rate trends

Posted On: October 28, 2015

Australia’s corporate tax rate is higher than the global average, according to KPMG’s 2015 global tax rate survey, SmartCompany reports. While Australia’s corporate tax rate currently sits at 30 per cent, the global average sits at 23.68 per cent. The United States has the highest corporate tax rate at 40… – Continue reading

HSBC / Italy / Monaco / Qatar / Residence / Tax evasion investigations

Max Biaggi Injured in MTB Crash, Uncertain for Qatar, also Under Investigation for Tax Fraud

Posted On: October 14, 2015

After confirming that he would take part in the final round of the 2015 World Superbike Championship in Qatar, Max Biaggi’s presence at Losail this weekend is no longer a sure thing. The multiple World Champion has taken a fall from his mountain bike and sustained muscular injuries that may… – Continue reading

Azerbaijan / Bahrain / Bangladesh / Bhutan / Double Taxation / Egypt / Hong Kong / Investments / Iran / Kyrgyzstan / Morocco / Portugal / Qatar / Russia / Spain

Dhaka, Thimphu in talks to sign double taxation avoidance deal

Posted On: October 13, 2015

Staff Correspondent The National Board of Revenue on Monday started negotiations with Bhutan to sign an agreement on avoidance of double taxation and prevention of tax evasion and capital flight from the country. A five-member delegation led by NBR chairman Md Nojibur Rahman has been carrying out the first round… – Continue reading

Bahrain / Bangladesh / Belarus / Belgium / Bhutan / Canada / China / Denmark / Double Taxation / DTA / France / Germany / Hong Kong / India / Investments / Iran / Italy / Japan / Kuwait / Malaysia / Morocco / Nepal / Netherlands / Norway / Pakistan / Poland / Portugal / Qatar / Romania / Russia / Saudi Arabia / Singapore / South Korea / Spain / Sri Lanka / Sweden / Switzerland / Thailand / Turkey / UAE / Vietnam

NBR to sign deal with Bhutan to avoid double taxation

Posted On: October 13, 2015

Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take… – Continue reading

Base Erosion & Profit Shifting / G20 / OECD / Qatar / Saudi Arabia / Tax competition / Tax Laws / United Kingdom

GCC may ‘closely consider’ project to curb perceived tax avoidance by MNCs

Posted On: September 20, 2015

GCC countries are expected to “closely consider” a project that aims to curb perceived tax avoidance by some multi-national companies, according to an international tax expert. Under intense public pressure and unprecedented media focus, leaders of the G20 countries tasked the Organisation for Economic Co-operation and Development (OECD) to come… – Continue reading

Bahrain / EU / India / Investments / Israel / Kazakhstan / Loans / Luxembourg / Malta / Mexico / Morocco / Parent-Subsidiary Directive / Qatar / Royalties / South Africa / Tax Planning / Tax treaties / Turkey / UAE

Malta – the optimum choice for private equity

Posted On: September 16, 2015

Malta provides an outstanding opportunity for private equity and venture capital managers. It has a flexible LP structure, an extensive network of double tax treaties, a favourable local tax regime and experienced service providers who can provide a cost-effective solution,” comments Felicity Cole (pictured), Head of the Funds Department at… – Continue reading

Gibraltar / Japan / Korea / Offshore Bond / Offshore Insurance / Qatar / Taiwan / Tax treaties / United Kingdom / Vietnam

British Teachers Abroad Have One Last Chance to Avoid UK Taxes on Their Pension

Posted On: August 12, 2015

QROPS specialists are offering free transfers to Gibraltar QROPS for August only for teachers who want to retire abroad and avoid all UK taxes and future UK taxes on their existing teacher’s pension scheme. This is the final chance for teachers living abroad to transfer their UK pensions outside the… – Continue reading

Dividends / DTA / Europe / Investments / Kuwait / Oman / Qatar / Switzerland / Tax Information Exchange Agreements / Visa

Double taxation pact reflects growing importance of Oman: Swiss envoy

Posted On: August 5, 2015

Muscat – H E Christian Winter, Switzerland’s Ambassador to Oman has said that the recently signed Double Taxation Agreement (DTA) between his country and the sultanate reflects the broader ties Switzerland seeks with GCC. “The conclusion of the agreement takes into account the growing economic and political importance of the… – Continue reading

Australia / Bermuda / Chevron / China / ExxonMobil / India / Japan / Korea / Profit Shifting / Qatar / Royalties / Shell / Taiwan / Tax Credit / Transfer pricing

Where will the money flow from Gorgon, our biggest ever mining project?

Posted On: July 15, 2015

Energy giants called to explain billions in tax havens To describe Gorgon as another super-sized resources project in Western Australia does not do justice to the scale and scope of the venture. When the taps are turned on later this year and liquefied natural gas begins to flow, Australia will… – Continue reading

Europe / Investments / Jersey / Offshore Trusts / Qatar / Real Estate / Tax Planning / United Kingdom

UK offers vast tax-efficient real estate opportunities for Qatari investors: Aqua

Posted On: July 2, 2015

Confidence has returned to real estate markets in Europe, and London is still a firm favourite with investors, offering vast tax-efficient opportunities for Qatari investors, according to Aqua Group, the first offshore trust company to receive licence from the Qatar Financial Center (QFC). In view of the need for better… – Continue reading

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