Turkey has the QFC more tax systems in line with the financial systems of Islamic finance among the eight countries in the Middle East and North Africa.
Those results came in the wake of a study by three economists pioneers are Messrs: Mohammed Amin, and Salah Kaidi, Hafiz Chowdhury, under the auspices of the Qatar Financial Centre and the participation of the International Center for taxes and investment firm with headquarters in Washington, DC.
And under the name of preparing tax system agreed with systems of Islamic finance among countries of the Middle East and North Africa - the first phase, the study shows that during a financial transfers easy system of Islamic finance among States, Turkey and the QFC two bodies only two possess tax system can be public conduct dealings instruments without high tax costs.
Courses will be offered in the search command, and considering how any state modernize its tax to become consistent with Islamic financing, where test study two ways alternatives, (in reference to the typical United Kingdom and Malaysia), and conclude researched recommendation to adopt the system Malaysian fastest and easier systems that can be applied to Muslim-majority countries.
8 States
The revised study dealing tax practice in the Middle East and North Africa eight Egypt, Jordan, Kuwait, Libya, Oman, Qatar, Saudi Arabia and Turkey, and the QFC through four structures are common in Islamic finance a commodity at the head Murabaha and instruments.
He led the search process detailed adviser Mohammed Amin, an expert in Islamic finance and former president of the Department of Islamic finance branch company Price water house Coopers in the UK, in conjunction with Mr. Saleh Kaidi, tax consultant first at the Ministry of Economy and Finance of Qatar and Mr. Hafiz Chowdhury management consultant and policy tax International Center for taxes and investment.
The format branch Ernst & Young distribution of questionnaires on the offices of company branches in the Middle East and North Africa to be completed and reviewed by the tax authorities in the country, while completed Price water house Coopers Malaysia questionnaire special Malaysia to provide a comparison between systems area and another system outside.
The UK model is compared to a second study based on the experience of Mr. Mohammed Amin as a tax adviser in the United Kingdom.
The first version
The report is the first of a series planned for, where intends team continue to provide prospective studies covering the impact of taxes consumables such as value-added tax imposed on the Islamic financing, and financial systems Islamic within international treaties to agreements on preventing double taxation, which aims primarily to compatibility with traditional ways of financing, as well as to Zakat transactions in Islamic finance and framework followed by the Government of the Emirate of Sharjah in its financial transactions. The are other countries in the region to review their systems in subsequent reports.
Mr. Ian Anderson, Chief Financial Officer and tax Authority QFC, in his comment: «The body of the QFC welcomes the results of research and recommendations provided by us this pioneering study in the field of trade tax financial transactions among Muslim countries in the Middle East and North Africa, where Islamic finance has a growing importance in the region, but their tax systems to almost all countries in the region have been developed in the framework of traditional ways of funding. This means often that Islamic finance suffers from an additional tax burden and unfair by those traditional ways. Because this report refers to the best ways to help settle competition in the region, we are delighted sponsored research such as this study the first of its kind, and support the development of Islamic finance and development organized by the world.
Get rid of the barriers
In this regard, Mr. Daniel A.. Witt, President of the International Center for taxes and investment: «proud International Center for taxes and investment to participating in this study, where we consider countries' support and support within the framework of its efforts to get rid of barriers to trade and international investment an integral part of our mission. In a world of increasing globalization attributes, and grow the welfare and prosperity rates in many Muslim-majority countries, occupies Islamic finance institutions a very important place in the establishment of infrastructure for the world's financial international trade and finance. And to emphasize that this study is the first study of its kind delve into the analysis of tax issues between states. We place high hopes on what emerge from this study of the language of dialogue we hope to be involved when states to discuss their internal systems and systems dealing with markets Islamic finance active in efforts to reach a way of dealing best with the reality of the physical barriers that hinder the growth of those markets because of tax laws . We hope to continue this important work under the umbrella of the active support funding centers such as the Qatar Financial Centre and other parties have influence in the markets.
Risks
Following Mr. Mohammed Amin, head of the team preparing the report, on the matter, saying: «The study shows quite clearly the additional risk of financial transactions required to act in accordance with Islamic finance systems to achieve economic achievements are similar to those achieved by traditional financial systems. These risks are subject to tax transactions to move or taxes on income or profits, which could raise the cost of Islamic financing to high costs.
He adds: «Malaysian based approach, mentioned in the report's recommendations, the application of the legislatures of the process of determining prior to any financial transaction regarding its approval of Islamic finance or not. Can then modify the tax law with relative ease for this segment to give the same result tax governing traditional transactions. Since the intermediate transactions are an essential part in the structure of Islamic finance, can easily exempt such transactions from the tax argument. As for the approach of the United Kingdom, and requires a more complex formulation of tax law because it could not find a reference to external sources of Islamic finance as a result of approach based on the principle of separation of religious matters financial. And conclude in the end that the Malaysian approach is the fastest and simplest to implement in the Muslim-majority countries.
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Those results came in the wake of a study by three economists pioneers are Messrs: Mohammed Amin, and Salah Kaidi, Hafiz Chowdhury, under the auspices of the Qatar Financial Centre and the participation of the International Center for taxes and investment firm with headquarters in Washington, DC.
And under the name of preparing tax system agreed with systems of Islamic finance among countries of the Middle East and North Africa - the first phase, the study shows that during a financial transfers easy system of Islamic finance among States, Turkey and the QFC two bodies only two possess tax system can be public conduct dealings instruments without high tax costs.
Courses will be offered in the search command, and considering how any state modernize its tax to become consistent with Islamic financing, where test study two ways alternatives, (in reference to the typical United Kingdom and Malaysia), and conclude researched recommendation to adopt the system Malaysian fastest and easier systems that can be applied to Muslim-majority countries.
8 States
The revised study dealing tax practice in the Middle East and North Africa eight Egypt, Jordan, Kuwait, Libya, Oman, Qatar, Saudi Arabia and Turkey, and the QFC through four structures are common in Islamic finance a commodity at the head Murabaha and instruments.
He led the search process detailed adviser Mohammed Amin, an expert in Islamic finance and former president of the Department of Islamic finance branch company Price water house Coopers in the UK, in conjunction with Mr. Saleh Kaidi, tax consultant first at the Ministry of Economy and Finance of Qatar and Mr. Hafiz Chowdhury management consultant and policy tax International Center for taxes and investment.
The format branch Ernst & Young distribution of questionnaires on the offices of company branches in the Middle East and North Africa to be completed and reviewed by the tax authorities in the country, while completed Price water house Coopers Malaysia questionnaire special Malaysia to provide a comparison between systems area and another system outside.
The UK model is compared to a second study based on the experience of Mr. Mohammed Amin as a tax adviser in the United Kingdom.
The first version
The report is the first of a series planned for, where intends team continue to provide prospective studies covering the impact of taxes consumables such as value-added tax imposed on the Islamic financing, and financial systems Islamic within international treaties to agreements on preventing double taxation, which aims primarily to compatibility with traditional ways of financing, as well as to Zakat transactions in Islamic finance and framework followed by the Government of the Emirate of Sharjah in its financial transactions. The are other countries in the region to review their systems in subsequent reports.
Mr. Ian Anderson, Chief Financial Officer and tax Authority QFC, in his comment: «The body of the QFC welcomes the results of research and recommendations provided by us this pioneering study in the field of trade tax financial transactions among Muslim countries in the Middle East and North Africa, where Islamic finance has a growing importance in the region, but their tax systems to almost all countries in the region have been developed in the framework of traditional ways of funding. This means often that Islamic finance suffers from an additional tax burden and unfair by those traditional ways. Because this report refers to the best ways to help settle competition in the region, we are delighted sponsored research such as this study the first of its kind, and support the development of Islamic finance and development organized by the world.
Get rid of the barriers
In this regard, Mr. Daniel A.. Witt, President of the International Center for taxes and investment: «proud International Center for taxes and investment to participating in this study, where we consider countries' support and support within the framework of its efforts to get rid of barriers to trade and international investment an integral part of our mission. In a world of increasing globalization attributes, and grow the welfare and prosperity rates in many Muslim-majority countries, occupies Islamic finance institutions a very important place in the establishment of infrastructure for the world's financial international trade and finance. And to emphasize that this study is the first study of its kind delve into the analysis of tax issues between states. We place high hopes on what emerge from this study of the language of dialogue we hope to be involved when states to discuss their internal systems and systems dealing with markets Islamic finance active in efforts to reach a way of dealing best with the reality of the physical barriers that hinder the growth of those markets because of tax laws . We hope to continue this important work under the umbrella of the active support funding centers such as the Qatar Financial Centre and other parties have influence in the markets.
Risks
Following Mr. Mohammed Amin, head of the team preparing the report, on the matter, saying: «The study shows quite clearly the additional risk of financial transactions required to act in accordance with Islamic finance systems to achieve economic achievements are similar to those achieved by traditional financial systems. These risks are subject to tax transactions to move or taxes on income or profits, which could raise the cost of Islamic financing to high costs.
He adds: «Malaysian based approach, mentioned in the report's recommendations, the application of the legislatures of the process of determining prior to any financial transaction regarding its approval of Islamic finance or not. Can then modify the tax law with relative ease for this segment to give the same result tax governing traditional transactions. Since the intermediate transactions are an essential part in the structure of Islamic finance, can easily exempt such transactions from the tax argument. As for the approach of the United Kingdom, and requires a more complex formulation of tax law because it could not find a reference to external sources of Islamic finance as a result of approach based on the principle of separation of religious matters financial. And conclude in the end that the Malaysian approach is the fastest and simplest to implement in the Muslim-majority countries.
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