Businesses need to be VAT ready: Experts
The Peninsula 23/03/2021
Deepak John/ The Peninsula
Businesses need to be ready for Value Added Tax (VAT). The General Tax Authority (GTA) has always mentioned that they would give businesses 6 to 8 months to be VAT ready, said experts talking in webinar, yesterday.
The webinar organized by PwC on Qatar’s annual tax update discussed general update VAT (and any other indirect taxes) in Qatar, Tax Technology, E-invoicing, Digital tax enablers, Corporate income tax and Transfer Pricing updates.
Value Added Tax (VAT) is a tax on consumption which is generally a tax on the end use consumer of a good or service.
Speaking during the webinar, Sajid Khan, Partner – Qatar, Tax and Legal Services Leader, PwC said, “We have gone through a uncertain time because of the pandemic but in the last few months we have seen positive signs. Domestically there was change of new tax administration portal coming in with issuance of the new tax law in 2018 and the new executive regulations coming in 2019 which brought a lot of changes to the withholding tax regime. There have been mandatory requirements introduced which are going to affect both multi nationals who are operating in Qatar and also Qatari companies who might have taxable entities.”
