Qatar Cabinet Approves Key Amendments to Income Tax Law and Strategic Initiatives

Qatar, 5 December, 2024 :  The Qatar Cabinet has approved a draft law amending certain provisions of the Income Tax Law (Law No. 24 of 2018) to enable multinational companies to submit tax returns related to the minimum supplementary tax. This amendment aims to align with OECD and G20 standards, enhancing international tax cooperation and implementing rules to combat tax base erosion and profit shifting.

The Cabinet also approved the draft state budget for fiscal year 2025, following its approval by the Shura Council, and a decision to amend the Executive Bylaw of the Customs Law to streamline customs procedures. Additionally, it approved the exemption of certain materials imported by the Ministry of Defense from customs duties.

Further decisions included declaring the Umm Al Sheif area a nature reserve to protect its marine environment and biodiversity, as well as the establishment of a technical committee to assess compensation for damages to public electricity and water facilities.

The Cabinet also endorsed several memoranda of understanding, including agreements on political consultations, security cooperation, and air services with Saint Vincent and the Grenadines, Hungary, and Pakistan, respectively.

The meeting concluded with a review of reports on joint GCC initiatives, cybersecurity efforts, and the Qatari-Uzbek economic cooperation.