Doha, The General Tax Authority (GTA) will hold on Monday a regional workshop on the global rules to combat tax base erosion, in collaboration with the Organization for Economic Cooperation and Development (OECD). The event will bring together a host of representatives from GCC states, along with representatives of ministries, institutions, and private sector in Qatar.
The workshop will be held to discuss preparing and applying the supplementary minimum tax and comes within GTA efforts to elucidate the mechanisms of applying the second pillar of global minimum limit of the multinational companies tax, as well as highlight the anticipated impact of this decision in transferring the profits and adhering to the global rules of tax base erosion on business environment, GTA said in a statement on Sunday.
The statement pointed out that the workshop underscores GTA's endeavors to amplify companies awareness on a variety of aspects that enhance tax compliance, in addition to clarifying the rules related to the application of the second pillar of the global minimum tax for multinational companies, which seeks to ensure tax justice by establishing a global minimum tax rate that applies exclusively to global multinational companies with foreign branches whose annual revenues exceed QR3 billion, whether Qatari companies with branches outside Qatar, or international companies with branches in Qatar, as this minimum tax will be applied to those companies by other countries in case of not being collected locally.
Running until Oct. 31, the workshop represents a platform that converges stakeholders to help them understand and figure out the mechanism for implementing the second pillar and study the resulting impact. The forum's topics will include an overview of the global rules governing combating erosion of the tax base, the minimum compensatory increase tax at the local level, in addition to workshops on designing and implementing the second pillar, in pursuit of opening the door for discussion and active participation on the part of attendees and exchange practical experiences in this regard.
The significance of the workshop stems from the fact that GTA is committed to developing tax work, acquiring the necessary expertise, and bolstering tax policymaking frameworks to enhance the position of Qatar on the economic map.
It also epitomizes the close and productive cooperation between the OECD and GTA, which is committed to establishing a fair and transparent environment taxation that promotes Qatars attractiveness as a destination for global investment and optimizes the business environment in the country.
Source: Qatar News Agency