Tribune News Network
Doha
The 3rd International Conference on Fiscal Policy and Economic Development in Qatar, organised by Qatar University’s (QU) College of Business and Economics, kicked off on Wednesday.
The conference is held under the theme Global Minimum Tax and its impact on tax systems in Gulf Cooperation Council countries’ and will run from 7-8 February 2024.
The conference will cover numerous developments in the international tax system, such as the Organization for Economic Cooperation and Development (OECD)’s adoption of new tax policies, the latest being the endorsement of the global minimum tax. This has significant implications for the business environment and the flow of capital to countries worldwide.
In his speech, General Tax Authority President Ahmed bin Issa Al Mohannadi said, “I extend my heartfelt gratitude to Qatar University for organising this important conference to discuss the global minimum tax and its implications on the tax systems in the GCC countries. In recent years, we have witnessed numerous developments in the international tax system, following the adoption of new tax policies by the Organization for Economic Cooperation and Development (OECD), the latest being the endorsement of the global minimum tax. This has significant implications on the business environment and the flow of capital to countries worldwide.”
He said, “While Gulf countries implement modern tax systems and legislations, this significant development requires ongoing amendments to ensure the continued alignment with international standards while considering attracting both local and global investors. In this context, Qatar’s Third National Development Strategy (NDS3) 2024-2030, emphasises the need to build a leading regulatory environment conducive to attracting foreign direct investment and addressing regulatory challenges in the business sector through comprehensive legal and legislative reforms.”
He also noted that the World Bank, in its 2020 report, ranked Qatar third globally for its favorable taxation regime. This recognition underscores Qatar’s position at the forefront of countries with strong tax systems, advanced digital infrastructure, and legislation in the tax field. Furthermore, he explained that Qatar’s General Tax Authority supports national and Gulf efforts to combat tax base erosion, and profit shifting, and enhance the local and regional economic environment through a robust tax system that promotes sustainable development, efficiency, and effectiveness within a legislative framework that adopts principles of governance and transparency.
He emphasized that this conference helps to bridge the gap between researchers and policymakers. It also represents an important opportunity to exchange views on ways to adapt tax policies in GCC countries to keep pace with global developments.
For his part, QU President Dr Omar Al Ansari said, “Qatar University’s organisation of this conference is part of its strategy to focus on increasing community communication and serving its current issues, by highlighting them and encouraging researchers to conduct research to address these challenges. This conference also reflects the interest of the university, specifically the College of Business and Economics, in discussing local and international economic and financial developments that affect the economy and serve decision makers in a way, to contribute to the economic growth of the country.” He also noted that QU, based on its role and in the implementation of its new strategic goals, responded to those developments by directing scientific research and encouraging it to discuss issues related to sustainability and economic development, including the topic of financial sustainability.
He also pointed out that QU had recently introduced new academic programs that reflect this direction, such as the minor in taxation at the College of Business and Economics. This program has witnessed a high demand from undergraduate students at the college.
He emphasised that such programmes contribute to providing the job market in Qatar and the region with graduates capable of dealing with evolving economic developments and challenges, including tax reforms and related tax policies and legislation.
He said, “I hope and trust that the sessions of this conference and the accompanying discussions will yield recommendations that serve decision-makers in Qatar and the region to achieve sustainable economic development. I also hope that we can leverage this conference to strengthen our collaboration with our partners both inside and outside Qatar, contributing to realising the university’s vision and maximizing its role in serving national and regional issues.”
