Qatar

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Like many Arabic countries, there is no personal income tax in Qatar for any individual. Providing you are a gulf national that has set up a company, there is no tax on businesses either. However, if you are a non-Gulf national, that has set up a business or branch of an international enterprise in Qatar, then the following taxes are applicable; 100,001 - 500,000 (10%), 500,001 - 1million (15%), 1m - 1.5m (20%), 1.5m - 2.5m (25%), 2.5m - 5m (30%) and over 5m being 35%. A further advantage that nationals have over expatriates is that if they invest into a company that is liable to taxation, they as shareholders aren't obliged to pay tax on their potential gains. The Gregorian calendar is used for accounting in Qatar, however, there is no set 12 month period for tax returns, and thus companies are entitled to choose themselves when they want to file their tax return. One has to keep in mind that if these requirements aren't met, and the tax return isn't filed on time, there are hefty fines to be assumed a result. These fines are QAR 500 per day (capped at QAR 180,000) for late filing of an income tax return, or 2% per month for late payment of late payment of income tax, up to the amount of tax due. Qatar's economic potential is impressive, to say the least – averaging 5.36 percent from 2009 until 2020. Qatar has an abundance of gas and oil reserves and thrives off of the capital generated from this industry. Nevertheless, banking is also a major industry in Qatar and is ever-growing.