16 Feb 2017 - 1:49
Emir H H Sheikh Tamim bin Hamad Al Thani with Turkish President Recep Tayyip Erdogan at Emiri Diwan, yesterday. Deputy Emir H H Sheikh Abdullah bin Hamad Al Thani also attended the talks.
16 Feb 2017 - 9:24
The Cabinet yesterday approved a draft law on “selective tax” which is to be imposed on specific goods, such as items that causes adverse impact on environment and health of end-users.
The decision was announced after the Cabinet's regular weekly meeting yesterday which reviewed a number of decisions and measures on the agenda, including the draft law on upcoming tax. The meeting was chaired by the Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani.
The Ministry of Finance prepared the draft-law in accordance with the GCC unified agreement for selective tax, and the GCC Supreme Council decision issued in the 37th session held recently in the Kingdom of Bahrain.
The decision stipulates the imposition of selective tax uniformly between the GCC countries according to the schedule of goods and percentages set in that resolution, reports QNA.
Under the provision of the draft law, the selective tax will be imposed on goods harmful to human health and the environment, and the luxury goods produced domestically or imported and set forth in the table attached to the law, and in accordance with the tax rates specific to it.
The Council of Minister may issue a decision for an amendment to the mentioned list of goods and the tax ratios.
The draft-law includes provisions concerning the maturity date of the selective tax, cases where selective goods are presented for consumption, the value of selective goods, the persons in charge of application of the provisions of this law, registration for tax purposes and recognition of and commitment to maintenance of accounting books and records regularly for recording the movement of selective goods, the tax assessment on the basis of the recognition of tax and installed data, cases of suspension of tax and its recovery and exemption, and the confidential information and financial sanctions.