With a long weekend ahead and many residents expecting to travel, we look at the current trends in the marketDecember 1, 2015 10:08
The business of… Tax in the GCC
From corporate income tax in Saudi Arabia to social security tax in Kuwait, Kipp takes a look at how the citizens of the Gulf are taxed.
September 9, 2010 2:17 by kippreport
CORPORATE INCOME TAX
- A new tax law is planned with a rate of 10 percent on taxable income. A withholding tax at 5 and 7 percent is introduced for oil companies.
- In a joint venture, the tax is dependent on the foreign partners’ share of the profit. No corporate income tax is levied on a corporation that is owned by Qatari nationals.
- Taxable income is subject to a corporate income tax rate of 10 percent.
- If no special rate has been agreed with the government before January 2010, a rate of 35 percent is levied. The rate applied with respect to oil operations is not less than 35 percent.
- The amount of tax is lower for partly foreign-owned companies depending on the extent of local ownership.
- There is currently no sales tax or VAT in Qatar.
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