The Qatar Financial Centre Authority (QFCA) has enacted a corporate tax regime that aims to diversify the government's sources of revenue and help the country to attract insurance and asset management companies.
The 10 per cent tax on corporate profits enacted yesterday only applies to money earned within Qatar and exemptions are available for certain kinds of insurance businesses and investment funds.
The QFCA is not levying personal income taxes under the new regime, which goes into effect retroactively starting last January. "In terms of the Gulf, the financial centres tend to have no taxes but the difference is - and this goes to the heart of what the QFC [Qatar Financial Centre] is about - it was designed to be an onshore regime," said Ian Anderson, the director of finance and tax at the QFCA. "There are no zones or limitations."
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