Qatar ICC Organizes Seminar on Effects of Applying VAT on Businesses

Doha, February 07 (QNA) - Qatar International Chamber of Commerce (ICC) organized on Wednesday a seminar with Thomson Reuters on the effect of applying value added tax (VAT) on businesses in Qatar. The forum highly recommended that companies prepare early to apply this tax, to process all necessary financial and technological matters, in order to avoid any errors in institutions and companies when the VAT is applied on goods and services later. The participating experts said ten percent of the institutions and companies in the countries that applied VAT in the region were entirely prepared to implement the new law. Whereas the other 90 percent of the companies adopted solutions and delayed measures in preparation for applying the tax, where despite of using outsourced help, they were not able to apply the tax successfully. The experts urged the companies to prepare for the VAT application from now and not wait for the issuance of the law and then prepare for the impact. Organizing this seminar coincides with the upcoming introduction to VAT in Qatar, in aim to increase the awareness of the ICC members and the community on this important financial reform, and the challenges that may result in businesses. (QNA)