Qatar, the gas-rich peninsula in the Arabian Gulf, plans to slash the corporate tax rate levied on foreign companies to boost international investments and help diversify its economy away from hydrocarbons.
The state-run Qatar News Agency reported on Tuesday that Qatar has passed a new tax law, which is believed to formalise plans to lower the tax rate on foreign companies to 10 per cent from the current 35 per cent, effective from next year.
Soaring liquefied natural gas revenue has helped Qatar dodge the global recession and attracted an influx of foreign companies keen to benefit from the small peninsula’s financial windfall.
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