PwC seminar focuses on challenges, opportunities facing Qatar’s businesses

O’Brien addressing the PwC 5th Annual Accounting and Tax Seminar in Doha.

PwC’s 5th Annual Accounting and Tax Seminar last week outlined the far reaching economic, fiscal and regulatory developments, which are shaping the future business landscape in Qatar.Professionals from Qatar businesses attending the seminar were briefed on the challenges and opportunities that will be created in an environment being developed by factors such as increased tax regulation, sustained lower oil and gas prices and economic diversification. Mark Menton, a Qatar based partner, gave updates on changes to accounting standards and the implications for Qatar-based entities. Neil O’Brien, head (tax), PwC Qatar office, provided a briefing on domestic taxation, including a discussion on the status of GCC VAT and the evolving role of the tax authorities in Qatar. The seminar concluded with an overview of global tax developments. O’Brien said, “Today has been a timely opportunity for professionals to meet and discuss the current and forward looking accounting and tax issues that affect economic development both here and overseas. Even resource-rich Qatar is not immune from the impact of international developments and the falling oil and gas prices.  “The impacts of these developments, allied with the continuing modernisation of Qatar’s regulatory and tax regimes, have increased the incentive for Qatar to introduce new forms of taxation and its ability to enforce payment of tax and compliance with regulations. It is therefore more important than ever that businesses operating in Qatar understand such developments and how they impact on their obligations.”