BUSINESS START UP QATAR

Qatar in position to remain a large market for Islamic finance The country has been active in Islamic finance since the early 1980s and is the fifth largest market for Islamic finance in the world. It is home to some of the world’s largest Islamic banks, who held 26 percent of total banking assets in the country and 6 percent of the global Islamic banking assets in 2020. The volume of assets of Qatari Islamic banks amounted to QAR 415.8 billion in 2019 compared to QAR 350 billion in 2018. The Islamic banks in the country witnessed a strong year on year performance with an increase of the profits by 15.4 percent to QAR 18.6 billion (USD 5.1 billion) in 2019 compared to 2018.

The prospects for Islamic FinTech in the country are bright. Just like QFTH and other stakeholders, Business Start Up Qatar is here to promote and support you. #qfth #fintech #stakeholders #BSUQ #BusinessStartUpQatar Qatar FinTech Hub

  GTA announces extension of deadline for tax returns The General Tax Authority (GTA) has extended the deadline for the submission of the tax return for 2020 by two months. As a result, the new date for the submission of the tax return by the taxpayers with the financial year ending on 31st of December, 2020 will be 30th of June, 2021. Any income tax liability is also extended and is due on or before the same date according to the GTA Circular No 1 for 2021. The GTA  has been working closely with a variety of agencies and entities in the public sector to evaluate the situation and the widespread challenges related to the pandemic which concluded in the extension.

  It is an important initiative which contributes to a knowledge-based economy in the State of Qatar in line with the Qatar National Vision 2030. #qfth #fintech #fintechstartup #entrepreneur Qatar Development Bank Qatar FinTech Hub

QFTH announces second wave of incubation and acceleration program Qatar FinTech Hub (QFTH) has selected 22 start-ups and scale-ups to join the second wave of the incubation and acceleration programs. QFTH has received over 500 applications from fintechs in different stages from more than 58 countries. The programs will be supported by Qatar Development Bank (QDB) and the key stakeholders with the aim to grow the FinTech ecosystem in the State of Qatar. The incubation and acceleration programs are the beginning of a journey towards shaping and reshaping the future of financial technology. The initiatives of  QFTH  are considered as a contribution to a knowledge-based economy in the State of Qatar.

  Meeza contributes to the expansion of Mawared in Qatar The Ministry of Transportation & Communications (MoTC) signed an agreement with Meeza to expand Mawared, the strategic e-Government program, recently. Meeza, a Qatar Foundation joint venture, is an established end-to-end managed IT services provider based in Qatar with the intention to contribute to the digital transformation in the country and to be the leading solutions provider in the Middle East & North Africa. The services include data centres, software and hardware platforms, cloud services and cybersecurity.

Discussion on the updates in the tax system in Qatar As indicated before, Qatar is getting ready to implement a Value Added Tax (VAT) and companies in the country need to be ready for it. Qatar’s annual tax update was the topic of a recent webinar hosted by experts and specialists. The event explored VAT and other indirect taxes, electronic invoicing, digital tax enablers, corporate income tax, and transfer pricing updates. Also, it highlighted the accessibility of the relevant authorities to many tax technology tools including sophisticated data analytics and data mining systems which are increasingly effective in monitoring, evaluating, and assessing compliance.