Qatar launches a package of measures to support the business community economy

aljazeera.net
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The Qatar Financial Center has approved a set of measures to support companies registered with it to ensure the continuity of their business in light of regional changes.

The measures include extending the deadlines for submitting audited financial statements, by implementing flexible, targeted and time-bound procedures, which include the possibility of making adjustments to the schedules for submitting tax returns for each case individually, in addition to providing temporary arrangements for work spaces designated for startup companies, with the aim of enabling companies to focus on their core businesses and activities during the current exceptional circumstances.

The Qatar Financial Center includes more than 4,400 companies and has a special legal and regulatory framework, tax system and business environment that allows foreign ownership of up to 100%.

Investor support

A statement carried by the Qatar News Agency (QNA) stated that the Qatari Ministry of Commerce and Industry is continuing its efforts to ensure business continuity by providing more than 500 digital services, enhancing consumer protection efforts through an operations center that works around the clock to monitor price stability and settle disputes.

In turn, the Investment Promotion Agency intensified its communication with the investor community through weekly meetings, providing a 24-hour hotline, and providing logistical and advisory support.

Qatar continues to support the investor community (Shutterstock)

The Qatar Free Zones Authority has strengthened its operational services through dedicated channels for investors, and an advanced logistics system in cooperation with Qatar Airways and the General Authority of Customs, in addition to adopting a proactive approach to managing risks and enhancing preparedness for crises.

According to the statement, the procedures are currently in effect, and will be reviewed continuously to keep pace with the changing needs of the private sector.

This comes within a package of supportive business measures launched by the State of Qatar aimed at maintaining market stability and enhancing investor confidence in light of the rapid regional changes, through the foreign direct investment system.

The Qatari Minister of Commerce and Industry, Chairman of the Advisory Council of the Investment Promotion Agency, Sheikh Faisal bin Thani bin Faisal Al Thani, said that the main pillars of support for the state “are represented in financial relief through the continuation of the Investment Promotion Agency, and providing support to investors of up to 40% of local expenses within the National Incentives Program.”

He added that the support program helped investment projects worth 2.8 billion riyals ($765.42 million), providing more than 900 job opportunities.



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