The latest changes to Qatar’s tax and regulatory systems, including the introduction of a Wage Protection System (WPS), will be highlighted in a forthcoming report on the country by global publishing firm Oxford Business Group (OBG).

Other developments to be explored in The Report: Qatar 2016 include a shift under way in the Qatar Tax Authority’s approach to the taxation of capital gains on the disposal and transfer of shares in domestic companies by non-resident companies.

PwC Qatar has signed a memorandum of understanding (MOU) with OBG for the publishing firm’s 2016 report on the state. Under the MOU, the professional services firm will team up for a third time with OBG to compile and produce the Accountancy and Tax Chapter of The Report: Qatar 2016.

Wadih AbouNasr, country senior partner, PwC Qatar, said: “Oil and natural gas revenues have placed Qatar as one of the highest per-capita income countries, as well as one of the fastest growing economies.”

“Qatar continues to look at new ways and incentives to attract Qatari entrepreneurs and foreign direct investments as a way of diversifying its economy. With the new discussions around tax reforms in the region and the likely introduction of VAT, Qatar and GCC governments will need to make strategic decisions concerning key elements in the system, including harmonization of a number of areas across the GCC to make the VAT system fully efficient.”

Oxford Business Group’s managing director for Middle East, Jana Treeck, agreed that Qatar’s changing economic landscape was creating a raft of new opportunities for businesses.

“Qatar’s efforts to diversify its economy are already yielding significant results, with non-hydrocarbon growth now reaching double digits,” she said. “Last year’s announcement that the government plans to reduce spending in non-essential areas has set the scene for the private sector to further increase its contribution to Qatar’s economic growth. I’m sure this will be one of many key issues that we explore with PwC in what promises to be an exciting year of research,” Treeck said.

The Report: Qatar 2016 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will also contain interviews with leading representatives. It will be available in the second quarter of 2016, print or online. – TradeArabia News Service