DOHA: The Qatar Financial Centre (QFC) recently held an event to update its firms on the new rules being introduced globally to automatically exchange financial accounts information between countries.
During the event, firms were presented with the context and key features of Common Reporting Standard (CRS), and offered an in-depth explanation on the obligations of Financial Institutions in QFC under CRS.
The event also provided the QFC with an opportunity to present the arrangement agreed with the Ministry of Finance on how QFC entities would need to comply with their obligations under CRS, while explaining the process of reporting.
Hamed Ali Al Saadi (pictured), Chief Financial& Tax Officer at the QFC Authority commented on the importance of hosting the event: “At the QFC, we take pride in ensuring that we are always ahead of any changes in international tax and fiscal laws, which is just one of the many reasons our firms choose the QFC platform to expand and grow.
He continued: “We continuously look for new incentives to support our firms and attract new businesses, and are consistently working towards enactments and amendments to our Tax Rules and Regulations to ensure we remain one of the world’s most favorable tax environments.”
Once a company submits its application, a dedicated QFC relationship manager is appointed to provide guidance on the registration process, obtaining a license and setting up operations.
QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries.