DOHA: Qatar should consider revenue-raising reforms, including making Gulf Cooperation Council (GCC) companies liable to corporate tax, the International Monetary Fund said in its annual Article IV report for the country.
In the report, the IMF welcomed the country’s decision to introduce VAT next year. “The GCC agreement on the introduction of VAT by 2018 is a welcome development, and Qatar is already taking actions to ensure its smooth and timely implementation,” the report said. A pan–GCC VAT was agreed by member states in 2015 and is likely to feature a five percent rate.
According to the IMF, Qatar plans to also implement excises on tobacco and sugary drinks starting in 2017, in line with a GCC-wide agreement.
