As part of its ongoing commitment to increasing tax awareness and supporting its firms, the Qatar Financial Centre (QFC), one of the world's leading and fastest growing financial centres, hosted three round-table discussions with QFC 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 sessions were held on 5 November, 15 November and 03 December 2017, respectively.
The amendment consists in 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.
Hamed Al-Saadi, Chief Finance and Tax Officer, QFC Authority, explained the objective of the sessions and stated: "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." He concluded: "The discussions were well attended and lively, and we look forward to hosting more firms in the coming weeks and discussing important tax issues such as the Value Added Tax and Common Reporting Standard."
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
he QFC, which is home to over 437 firms, welcomes 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 MENA 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% increase in new firm registrations for H1, 2017 compared to H1, 2016. 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 continues to attract firms from across the globe to benefit from growing opportunities across key clusters including Transportation, Healthcare, Tourism & Culture and Sports.