Cabinet approves draft law on 100 percent capital ownership of Qatari share holding companies

Cabinet approves draft law on 100 percent capital ownership of Qatari share holding companies

By QLNews

HE the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani chaired yesterday via videoconference the Cabinet's regular meeting.

Following the meeting, HE the Minister of Justice and Acting Minister of State for Cabinet Affairs Dr. Issa Saad al-Jafali al-Nuaimi stated that the Cabinet approved a draft law amending some provisions of Law No 1 of 2019 regulating the investment of non-Qatari capital in economic activity.

The draft law includes the amendment of Article 7 of the law so that non-Qatari investors can own up to 100 percent of the capital of Qatari shareholding companies listed on the Qatar Stock Exchange.

The Cabinet also took the necessary measures to issue a draft law on mortgaging movable funds, after the Council of Ministers reviewed the recommendation of the Shura Council on the draft law.

The draft law aims to enable companies and individuals to obtain bank loans with the guarantee of mortgaged movables and contribute to reducing the cost of loans by creating a guarantee for banks to reduce the risk of defaulting payments, thus supporting small and medium-sized enterprises and their contribution to the national economy.

Among the provisions contained in the draft law are the provisions related to the scope of application, the establishment of the electronic register in the Qatar Central Securities Depository and the data to be recorded in the register, the establishment and enforcement of the right of mortgage, and the rights of the mortgagee.

The Cabinet approved a draft decision of HE the Minister of Finance to apply the requirements of substantial activity to the economic activities practiced in Qatar. In addition, the Cabinet approved a draft protocol amending some provisions of the agreement between the government of Qatar and the government of Bermuda regarding the avoidance of double taxation and the prevention of fiscal evasion with regard to taxes on income.

The Cabinet took the necessary measures to ratify an agreement between Qatar and the United Nations regarding the establishment of a United Nations office in Qatar affiliated with the Office of Counter-Terrorism (UNOCT), in support of the UNOCT program related to the establishment of 'International Hub on Behavioural Insights to Counter Terrorism' as a UNOCT Programme Office in Qatar.

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Source: The Peninsula
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