Bermuda

Qatar OKs draft Bermuda tax treaty


By added on 27/01/2012

As the island continues its efforts to become the first Western sharia-compliant financial services hub, the oil-rich Persian Gulf state of Qatar yesterday [Jan. 26] approved a draft tax treaty with Bermuda, reports Bernews.

Qatar Prime Minister and Foreign Minister H E Sheikh Hamad bin Jassem bin Jabor Al Thani chaired the Cabinet’s regular meeting when the Bermuda tax treaty was addressed.

According to a Qatar government spokesman Cabinet approved “a draft agreement on the avoidance of double taxation and prevention of fiscal evasion with respect to income taxes, between the governments of the State of Qatar and Bermuda.”

The island has entered into many Tax Information Exchange Agreements [TIEAs] agreements in the last few years – most recently with Korea and Turkey.

Qatar has the world’s largest per capita production and proven reserves of both oil and natural gas. In 2010, Qatar had the world’s highest GDP per capita, while the economy grew by 19.40 per cent, the fastest in the world.

The main drivers for this rapid growth are attributed to ongoing increases in production and exports of liquefied natural gas, oil, petrochemicals and related industries.