GTA Organises Workshop On Implementing Global Minimum Corporate Tax
Date
12/11/2024 2:47:13 PM
(MENAFN- The Peninsula)
QNA
Doha: The General Tax Authority (GTA) organised a workshop to shed light on the mechanisms for implementing“Pillar Two” of the global minimum tax for multinational corporations.
Representatives from about 40 global companies and institutions operating in Qatar attended the event, which is part of the Authority's efforts to enhance transparency, ensure compliance with international standards, and update companies on the latest tax developments.
In a statement, the GTA emphasised that implementing Pillar Two in Qatar aims to promote tax equity between local and international companies by establishing a global minimum corporate tax rate of 15 percent.
The workshop provided a detailed explanation of the Pillar Two rules, implementation mechanisms, and potential challenges that companies may face in this context.
It also showcased best international practices related to the implementation of Pillar Two.
The discussions highlighted that Pillar Two will apply exclusively to multinational corporations with annual revenues exceeding QR3bn, whether Qatari companies with foreign branches or international companies with branches in Qatar.
If the minimum tax is not collected locally, other jurisdictions will impose it on those companies.
The workshop concluded with an emphasis on the importance of continuous collaboration and coordination between the GTA and companies to ensure the successful implementation of Pillar Two and achieve its objectives.
In his remarks during the workshop, Director of the Tax Agreements and International Cooperation Department at GTA, Yousef Abdullah Al Dosari underscored the importance of such initiatives in equipping companies operating in Qatar with the necessary knowledge and tools to understand and implement Pillar Two.
He reaffirmed the GTA's commitment to providing all required support to taxpayers to achieve tax compliance.
The workshop saw significant interaction between company representatives and GTA experts, allowing participants to ask questions and discuss various aspects of Pillar Two.
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