Qatar’s Non-Energy Business Conditions See Accelerated Improvement in February
Qatar experienced a quicker improvement in its non-energy business sector during February, marking a significant upturn from the previous month.
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The Purchasing Managers’ Index (PMI) for Qatar reached 51.0, a rise from 50.4 in the preceding month, indicating an overall improvement in business conditions, as scores above 50.0 indicate improvement.
There was a notable acceleration in both company output and job creation, alongside developments in managing work backlogs. This progress was highlighted in the Qatar Financial Centre (QFC) report, which also noted a more positive outlook for the coming 12 months.
According to QFC, companies showed a tendency towards reducing their purchasing activities, favouring a reduction in stock levels for the third consecutive month in a bid for increased efficiency.
The report also pointed out that price pressures were minimal, with a modest rise in average input costs and a significant decrease in charges, the sharpest drop in two years.
The demand for goods and services within Qatar’s non-energy sector continued its upward trend in February, primarily attributed to acquiring new customers and the opening of new branches, as per QFC’s findings.
Activity levels surged to their highest in three months during February, yet this growth was still below the robust average seen in 2023. Business confidence improved considerably in February, reaching its peak since the previous September, spurred by plans for business expansion, new clientele, and marketing initiatives.
Despite a rise in average input prices due to increased wages and purchasing costs, overall cost pressures remained low. Output prices declined for the fourth consecutive month, marking the most significant drop since February 2022.
The financial services sector saw a continued rise in employment for the eleventh consecutive month, achieving the quickest growth rate since September. Furthermore, average fees charged by these firms saw a decline for the second successive month, recording the largest decrease since October 2022, while inflation in input costs within the sector stayed low, as stated by QFC.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Compliance with these deadlines is crucial to avoid administrative penalties.
2 min
The UAE’s Federal Tax Authority (FTA) is urging Corporate Taxpayers to adhere to submission deadlines to avoid fines. Specifically, Resident Juridical Persons with licenses issued in May (regardless of the year) must submit their Corporate Tax registration applications by July 31, 2024, in line with Federal Tax Authority Decision No. 3 of 2024.
This decision aligns with the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments, effective from March 1, 2024. The FTA stresses the importance of meeting these registration deadlines, which have been communicated through various media channels and direct outreach to registered company owners in the UAE.
Utilizing the EmaraTax Platform
Compliance with these deadlines is crucial to avoid administrative penalties. The deadlines apply to both juridical and natural persons, including Resident and Non-Resident Persons in the UAE. Detailed information on these deadlines and other relevant issuances can be found on the FTA’s official website.
According to the FTA’s Public Clarification, Resident Juridical Persons established or recognized before March 1, 2024, must submit their tax registration applications based on the month their license was issued. Those with expired licenses as of March 1, 2024, should submit their applications based on the original issuance month. For those holding multiple licenses, the earliest issuance date applies.
Administrative penalties for corporate tax violations have been in effect since August 1, 2023. To facilitate the registration process, taxpayers must use the “EmaraTax” digital platform, available 24/7, or seek assistance from accredited tax agents and government service centers.
The FTA has also emphasized the importance of providing accurate information and submitting updated supporting documents correctly with the electronic registration application, noting that registering for Corporate Tax for a juridical person requires uploading various documents, including the commercial license, the Emirates ID card, the passport of the authorized signatory, and proof of authorization for the authorized signatory.
A comprehensive video explaining the registration process through the “EmaraTax” platform is available on the FTA’s website. This platform, designed according to international best practices, aims to streamline the registration journey, submission of periodic returns, and payment of due taxes for all UAE taxpayers.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
