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Tribune News Network
Doha
The Cabinet on Wednesday approved a draft law that regulates non-Qatari investments in the economy and referred it to the Advisory Council.
The draft law is set to replace Law No. 13 of 2000 on the same issue.
Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohammed al Thani said the draft law on regulating foreign investment was implemented in accordance with the directives of the Emir HH Sheikh Tamim bin Hamad al Thani on adopting legislations and decrees to facilitate investment.
Sheikh Ahmed said the draft law allows 100 percent foreign investment in all sectors of the national economy and it will push forward the pace of economic development and enhance the confidence of investors in the economy.
The draft law aims to increase tax revenues, protect foreign and local investors and raise Qatar's status in global economic indicators.
The law allows non-Qataris to invest in the fields of bank and insurance companies by a decision from the Cabinet. However, they cannot invest in commercial agencies and/or buying properties. Non-Qatari investors may invest in any other areas specified by a decision from the Council of Ministers.
The law stipulates that non-Qatari investors may be allocated the land necessary to set up their investments by way of rent in accordance with the legislation in force in this regard.
They may import whatever they need to facilitate their investments, to operate and to expand their projects in accordance with the law.
Non-Qatari investment projects may be exempted from income tax in accordance with the procedures and periods stipulated in the Income Tax Law.
Non-Qatari investment projects shall be exempted from import duties on machinery and equipment necessary for the establishment of the project.
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