Qatar Chamber hails amended free zones law

 08 Nov 2017 - 12:01

Qatar Chamber hails amended free zones law

The Peninsula

Qatar Chamber (QC) has urged the private sector to take advantage of the amended law on Investment Free Zones.

The QC Chairman Sheikh Khalifa bin Jassim bin Mohammed Al Thani (pictured) yesterday hailed the amended law on the free zones and said the law would help bringing more local and foreign investments to Qatar.

Sheikh Khalifa urged Qatari businessmen and foreign investors to benefit from the incentives and advantages the free zones provide in light of the amendments related to the law on these areas.

Qatar Chamber chairman said the advantages include direct link with the outside world, the privacy of dealing with the customs, import and monetary aspects as well as other advantages related to the flow of goods entering and exiting, which allows a great deal of freedom in transactions.

He said that the private sector values these amendments that included many important incentives such as the exemption of assets, production requirements, exports and imports of taxes and duties, waiving restrictions on the origin of the capital and the freedom of choosing the project’s legal form. In addition, the amendments include the freedom of setting product prices and profit, exemption of capital assets, product requirements, imports and exports from taxes and fees, as well as advantages for the investor in the logistical services or communication fields, the QC chairman added.

Sheikh Khalifa said the amendments on the free zones law removes all barriers or restrictions to capital and provides incentives and advantages related to the projects that work on increasing the proportion of local components in its products and the projects that invest in the logistical services or communications fields. The amendments also include full exemption of local components from customs duties in case of selling to the local market, the chairman added.

Qatar’s Investment Free Zones include the economic zones and Hamad International airport with capital and assets worth QR50bn. The amendment is aimed at enhancing the credibility of the state institutions’ mandate to realise Qatar’s ambitious Qatar National Vision 2030.