Qatari Finance Minister, Yousef Hussein Kamal, has confirmed that a 10% flat corporate income tax rate, down from as high as 35%, are to enter into force from next year.
According to Kamal, the bill, which is awaiting parliamentary approval, will be implemented in 2010.
The shift in tax policy comes as the Qatari government attempts to diversify its economy from oil and natural gas by attracting foreign investment in several economic sectors.
Currently the Qatari corporate tax rate ranges from 10% to 35% under seven progressive thresholds: businesses with less than QR500,000 (USD137,000) profit are exempt from tax, while the highest rate, of 35%, is applicable to businesses with profits exceeding QR5m.
Qatar ranked top in a recent Forbes Index for providing the best climate for attracting capital and highly-skilled labour. Also in HSBC’s expatriate survey, the largest of its kind, Qatar ranked second-highest for providing a favourable financial climate, with Russia placed first.
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