The Taxation System in Qatar - Research Paper Example

The Taxation System in Qatar PESTLE Analysis Political The political situation of Qatar is strong and stable. Though the country is not democratic and is being controlled by Emir, but people of Qatar are satisfied with the current political system. It has well established laws which have been made according to the Islamic teachings. The Qatar government is following Pro business policy for many years, so there are little threats for making any changes in the business regulations (LyLDL, 2012). Economic Qatar is one the most developed countries in the world and according to an article published in Forbes Magazine, it has now become the richest country in the world. The annual per capita income in Qatar has also exceeded 88 Thousand  Dollars (Greenfield, 2012). It is majorly dependent on its carbon based mineral resources such as oil and gas which are its major strength. These resources are still left in abundance but Qatar government has also focused on other industrial sectors. The annual GDP growth rate of Qatar has dropped down to 5% in 2012 from 6.9% in 2011. These figures show that there is potential in the market of Qatar. Moreover, the negligible unemployment rate (0.6%) coupled with low interest rate (4.5%), and inflation rate (2.2%) has also made Qatar favorable for doing business (Trading Economics, 2012). According to the doing business 2012, Qatar stands at 36 out of 183 countries in ease of doing business (Doing Business, 2012). Social Qatar is a small country in Middle East which covers around 6,286 square kilometers. Its population is 1.87 million (Trading Economics, 2012). Qataris follow joint family system and as they have sufficient amount of money therefore they would like to spend on luxurious items as well. Moreover, people of Qatar are very much inclined to use the latest technological products and they are ready to try out new technology. Most of them are early adopters as well i.e. they acquire the technology at the early stage after it has been launched. The Qatar market is full of international products and people like to buy quality product. Cost is one of the factors which does not really matter for these people as they prefer quality product over price. The age structure of Qataris shows that around 75% of the total population fall under the age of 15 years to 64 years. While the 22% fall into the bracket of 0 years to14 years (Index Mundi, 2012). As cameras are the products which are mostly used by the people between the ages of 15 years to 64years, therefore the proportion is beneficial for Easy Vision. Technological The technological sector of Qatar is developing at a fast rate and now almost 2.8% of the country’s GDP is invested in technological researches (Qatar Science & Technology Park (QSTP), 2012). Qataris are early adopter of technology therefore the demand of new technological products is increasing in Qatar. Moreover, the government of Qatar is also encouraging entrepreneurs to start technological businesses and different types of incentives are provided to them. This is a positive factor for Easy Vision since the management is also planning to initiate a business related to technology. The softness by Qatari government to allow more technological products in Qatar can affect the existing players who are operating in Qatar. The entry for new players would be easy. However the new entrants have to face competition from the existing companies in Qatar. Legislation The Qatar government imposes 5% duty on the imported goods. As the management would not be importing cameras from outside rather buying it from the sole distributor of Nikon Qatar. However, in order to start a business in Qatar, a commercial registration form must be obtained and submitted to the Ministry of Business and Trade. Moreover, no working visa would be required to hire employees as everyone involved in the company are the citizen of Gulf Co-operation Council’s countries. However, if the management recruits employees from other countries, then working Visa of employees would have been required by government. Moreover, the tax system does not affect the employee’s income, but is only a part of the profits generated by the company. Since the business under consideration would be small, so the company would fall in the tax bracket of 10% (Companies in Qatar, n.d.). On the other hand, Qatar imposes only 5% tariff on most of the imported goods. However Easy Vision will be directly purchasing cameras from the sole distributor of Nikon in Qatar. Furthermore, the company will recruit employees inside Qatar. If the company recruits employees from foreign countries in future, a work visa and an authorization from their respective sponsors will be needed. Environmental Qatar is one of the hot countries of Middle East. The climate in summer seasons ranges between 37 degrees to 45 degree Celsius and in winter season it ranges between 7 to 30 degrees Celsius with very little rain. The product being evaluated is non-perishable and it cannot be affected by temperature of Qatar. There is usually no major shift of temperature in Qatar therefore people are accustomed to the routine hot weather of the country. Marketing Mix Product The Nikon Coolpix S1000pj is a very unique digital camera and video recorder. The camera has new and innovative features with stylish compact enclosure due to which it is liked among customers. The camera has 12.1 megapixel of resolution with 2.7 inch High Resolution LCD screen. These features make the camera more demanding because people want cameras with sharp resolution which capture clear images. Along with above features, the most significant feature of this camera is built-in projector. This is the first camera which offers built-in projector. The camera has the capability to projects photos or movie clips up to 40 inches of surface. An individual can make the camera like a 40 inch TV LCD to watch the photos and videos. This is the distinguishing feature of the camera formally which was not available in Nikon portfolio of cameras. In a camera tool kit, a projector stand and remote control are also given to the buyer. The camera has also 5x Wide Angle Zoom-NIKKOR Glass Lens, Motion Detection, and Quick Retouch Record Movies at 640 x 480 resolution at 30 fps. The camera has human sensitivity sensors such as Skin Smoothening, and Red-Eye Fix. Other accessories that customers will get after purchasing the camera include ET-2 projector stand, ML-L4 Remote control, USB cable, and Coolplix P series Fabric case. So the customers will get a complete tool kit. On the other hand, it has been noticed that after launching of Coolpix S1000pj, some of other companies have also launched digital camera with built-in projector feature such as Sony HXR-NX30 and Canon Powershot SX260 HS. However these cameras have not been able to get people attention as Nikon Coolpix S1000pj has better features than other cameras available in the market. Place There are many shopping malls and markets in Qatar but the management has decided to sell the product through kiosk. Since Easy Vision is offering only one product so at this point of time, the management does not need large space to carry out its operations. Selling and buying cameras through kiosk would be convenient as well as cost-effective. The management has decided to start with only one kiosk due to less capital and planned to set up more kiosks in the city and then throughout Qatar. The Mall is located in Doha which is the capital of Qatar. The company has also selected to locate its kiosk in Carrefour Area of Villaggio Mall because heavy traffic in this area has been observed. Promotion Promotion would play an important part in the success of the business. The management has decided to promote the business using various promotional tools. These tools include advertisements through flyers and brochures, sending emails and e-flyers, coming up with different discount offer etc. The representatives of Easy Vision would distribute the flyers at different location of Doha city. The flyers will be distributed at the entrance of Villagio Mall as the kiosk will be set up in the same Mall so it would inform the visitors about the business at the mall. In addition to this, words of mouth, and social media marketing will be used to promote the offerings of the company. Using these tools, the emphasis will be on description of the product; specially focused on the projector built-in, the convenience of buying the product, and the location and time. Price Pricing strategy is very important in engaging and attracting customers. Therefore the company has decided to adopt a cost based pricing method for selling the products. The cost based system allows the management to charge cost plus markup. Using the primary research, it has been found that the price of Coolpix S1000pj camera is between the range of $430-$450 which is around QR1,570One notable thing is that most of the gentry coming to the Mall are from upper middle class and upper class and they are ready to pay even high price for convenience and quality. Moreover, Easy Vision will be providing kit of accessories for free to the valuable customers which cost around $70. The cost to purchase the complete kit is $400 and the management has estimated the other expenses to be $50 per unit. So the complete cost for each unit would be $450 or QR1600. At this cost, the management can sell the camera by charging a reasonable mark up. The management believes that they can sell the camera for QR2050-2150 which means a markup of around 27%. At this price, it still stays a reasonable deal for the customers People People are very important and considered as the real asset of organization. Initially, the management is starting the business with less capital and is initially focusing only one domain to sell the products so the management does not need large numbers of employees at this point of time. The owners have decided that they would take the responsibilities to fill the key positions of Easy Vision. Therefore, Bassem will be the purchasing and marketing manager of the company as he has the capability to persuade people easily using his marketing and selling skills. Yousef will be responsible for building public relations and Human resources’ related task. While, Aljazi’s will look after accounts and finance section of the business as he is good in calculations and accounts. All these three people will also be looking after the operations of the company as well. 3. Marketing Mix-Demand and Competition Marketing Mix Product The product, Nikon Coolpix S1000pj, is a unique digital camera with its innovative features. The camera is the first in the market with built-in projector. This feature distinguishes it from other digital cameras and makes it highly demanding in the market. The camera can work as 40 inch screen cameras well with its unique feature. Along with this unique feature, the camera has a high resolution touched LCD which produces sharp images. The camera is available in black color which is the most demanding color. According to Nikon, 77 percent of the average customers like this camera (Nikon, 2012) Place Easy Vision has decided to sell the product through kiosk which will be setup in Villaggio Mall. The Mall attracts heavy traffic throughout the year so it is a favorable idea to initiate the business from this Mall. Moreover, this place is able to attract people from upper class and upper-middle class and therefore they can buy such products more regularly. Promotion Easy Vision will be promoting by distributing flyers at different areas of Doha city and at the entrance of Villagio Mall. Social media marketing, personal emails to targeted people would be used to promote the offerings of the company as well. Price The cost based strategy is being used to sell the camera. The camera is being sold at QR 1,570 to 1700. However competing firms are not providing other accessories at this price along with camera. On the other hand, Easy Vision is offering these accessories for free which would be the competitive advantage. It is estimated that a complete kit of camera along with other expenses will cost the company around QR1600 and Easy Vision will sell it at QR2150. Market Segmentation The market has been segmented according to the following basis. Geographic segmentation Easy Vision is targeting Qatari market to start its business. Since, the people involved in the business also are from Qatar so the management will be able to understand the dynamics of Qatar market. Qatar is one of the richest countries in the world (Greenfield, 2012). A large segment of Qataris have now shifted their focus in buying more expensive and luxurious products and the camera is also considered as one of the luxurious products. The management has selected Doha city to start the business as it is the capital of Qatar and almost half of the population of Qatar lives in Doha. Demographic Segmentation On the basis of demography, the primary audience of Easy Vision would be the people in the age group of 14 to 40 years. Nikon Coolpix S1000pj is a stylish and attractive camera so it would engage youngsters. Its dynamic and wonderful features would excite the young people to purchase the camera. Furthermore, Easy Vision is targeting middle and upper class because the camera is expensive in comparison to the other cameras available in the market, though they have fewer features than Nikon Coolpix S1000pj. Psychographic Segmentation Today’s young generation is tech savvy and they want to look cool and smart by having new and innovative gadgets every time. Therefore the management would specially focus on the college and university students of Qatar. Most Students are fun loving; young, energetic, and therefore this product can suit their needs and demands. . Summary of Market Market Size Qatar is a small country with a population of 1.87 million. According to the Statistics released by Qatar government, the population of Qatar is growing at an average rate of 14 percent since 2004 and it is expected to reach at 2.5 million in 2020 (Toumi, 2010). Doha city which is the capital of Qatar contains almost half of the total population with an average 3,500 people per square kilometer and this is the city which has been selected by the management to do the business. 77% of the population fall under the age bracket of 15 years to 64 years in which young generation has a higher ratio (CIA, 2012). The management is targeting middle-upper and upper class which occupy the major portion of Qatar. Therefore, using the above figures, it can be concluded that the market size of the company would be almost 0.5 million living in Doha which accounts almost 22 percent of Qatar population. This value is estimated to increase in future due to rapid population growth rate. Furthermore, almost 22 percent of people fall under the age bracket of 0 years to 14 years in Qatar which will be beneficial for the company in next five years. Potential Market share Easy Vision faces direct competition from different companies offering similar type of products in Qatar. Nikon is also considered as a superior quality product and it is greatly accepted by Qataris. Qataris are more concerned with the quality rather than the price thus it can be concluded that there is potential in this market. Moreover, the market size of the company is almost 0.5 million of Doha. Therefore, based on the primary and secondary research, it can be estimated that potential market share of the product would be 5-10%. Growth Trends The population of the country is increasing at a rapid growth rate. The ratio of young generation in Qatar is high and it is expected to further increase in future. Easy Vision is mainly focusing on young generation particularly because of the features of the camera. Therefore the management is expecting a positive response for the product being introduced in the market. Moreover, Qataris have also become technology savvy and they like to use new innovative products and this would help in increasing the sales of the company. Customer/Market Analysis Qatar is the richest country in the world (Greenfield, 2012). Therefore people in Qatar are likely to buy and adopt new products. Moreover, Arabs are status conscious people and this is one of the reasons why they always demand for luxurious and stylish products.. The main target market of Easy Vision is young generation who like to adopt new and stylish product which would suit their personalities. The camera that the company is offering is stylish and has innovative features which fulfill the demand of the target market. It has also been noticed that Qataris are those people who are not habitual to save money. They are involved in over spending and that is the reason why 75 percent of Qataris are in debt. Moreover, wealth in Qatar has grown by six times but debt has grown by nine times in the last ten years. So it can be estimated that the company would flourish in Qatar. According to the SCFA’s study, there are five reasons that Qataris spend heavily i.e. lack of planning, frequent use of credit cards, like visiting shopping malls, Status conscious, and unable to differentiate between basic necessities and luxuries. Furthermore, Qataris do not think heavily while making purchase decision however they are quality conscious and like the products which offer superior quality (Khatri, 2012) Competitors Analysis Presently, there are 13 authorized dealers of Nikon selling Nikon’s products in Qatar. Out of these 13 dealers, 12 dealers are present in Doha city therefore they are the direct competitors of Easy Vision. The authorized dealers of Nikon in Qatar are Carrefour Hyper Market (city center) Carrefour Hypermarket (Landmark Mall) Carrefour-2(Villagio) Foto Gulf Studio & stores Jarir Bookstore LULU CENTER LULU Express Lulu Hyper Market (Airprt Road) Lulu Hypermarket- Gharaffa Qatar Duty Free Safari HyperMarket Safari Mall Salam Plaza Nikon has only one authorized distributor in Qatar, Salam Studio and stores who also is located in the Doha city. Through the primary research, it has been found that the most of the major competitors directly purchase from Salam Studio and Stores. The research also shows that they all targeting the same customers through the same product. It has also been noticed that most of them are present in the main shopping areas of Doha city. The management has analyzed that two of the dealers; Qatar Duty Free shop and Carrefour-2 (Villagio) might threaten the business as they have large customer base. Duty free shop as the name suggested, sell products without charging the import duty on foreign products. Therefore, it is selling camera at less price than any other dealers. However, the weak point of Duty free shop is that it is present in the Qatar airport which is not in the center of Doha city and customers will not especially go to airport to buy the product. Carrefour-2 (Villagio), on the other hand, is the dealer present in the same Shopping Mall where the company will be operating and therefore it can attract the customers of the company. However the company will target these customers by offering them accessories which costs around $70. Human Resource Plan Human Resource is the most important asset of the organization. However, Easy Vision does not need large numbers of employees initially because they will be operating with one product and it will be located only at one place at the moment. Initially the management has planned to start the setup with three employees. The management will be taking key positions and will receive fixed and equal amount of salary every month. The rest of the profit will be invested in business for further development. 1. Bassem will be the purchasing and marketing manager because of his majors in marketing. He has also got the ability to persuade people easily using his marketing and selling skills. The major responsibilities of Bassem are purchasing of camera from Nikon distributor, and planning and execution of marketing strategies. He will be working from 8am-5pm five days from Sunday to Thursday and his salary would be QR 14,000 per month. 2. Yousef will be responsible for building public relations and Human resources’ related task. He has graduated and has also got HR diploma. He is good at computer and has great communication skills in English and Arabic. He will be working from 8am-5pm five days from Sunday to Thursday and he will be getting QR 14,000 per month. 3. Aljazi’s will look after accounts and finance tasks of Easy Vision. She has working experience in QDB and familiar with all the matters of accounts and finance of business. She is also computer literate. She will also be working from 8am-5pm five days from Sunday to Thursday and receiving QR 14,000. 4. Revenue and Expense Projections Preliminary Start-up Expenses The preliminary startup would cost QR 14,62,500). The management will give the rent for setting up a kiosk at the mall. Furthermore, Furniture and renovation for office, total cost of Kiosk, salary, marketing expense, total inventory cost, and other expenses have been included in the startup cost total cost. Below is the table showing the costs that the company would require in order start its business: Description Amount (QR) Office (Advance & Rent) 240,000 Setting up of Kiosk 100,000 Furniture and Renovation 100,000 Inventory (5x30x2150) 322,500 Salary (First Year) 600,000 Marketing Expense 50,000 Other expenses 50,000 Total Expense 1,462,500 Equity and Loan Description The management would invest 25 percent of the total start up cost and it would be equally divided among Bassem, Yousef, and Aljazi. The remaining 75 percent would be raised through debt and this amount would be arranged by one of the banks in Qatar at 6% interest per annum. The preliminary start up cost of the business is QR 14,62,500. It means the management will invest QR365,625 collectively and each partner would contribute QR121,875 for the business. The remaining QR10,96,875 would be raised from bank. Capital Expenditure The Capital expenditure for starting up the business include the total cost of setting up kiosk i.e. QR100,000 plus Furniture and Renovation cost i.e. QR100,000. Therefore, the total capital expenditure to start up the business is QR 200,000. Income Statement The management has projected the income statement for upcoming five years. The statement of the business shows Positive trend. Initially, the management has estimated that almost 1,600 comers would be sold until 1 year and sales would grow by 20% in the second year. After that sales would grow by 15 percent annually. It has been assumed that the cost and selling price would remain same throughout five year. Sales forecasting of Easy Vision has been shown in the table below: YEAR Year 1 Year 2 Year 3 Year 4 Year 5 Total Nikon Coolpix S1000pj               No of units sold   1,600 1,920 2,208 2,539 2,920 11187.28 Price per Unit   2150 2150 2150 2150 2150 10750 Cost per Unit   1600 1600 1600 1600 1600 8000 Revenue Earned   3,440,000 4,128,000 4,747,200 5,459,280 6,278,172 24,052,652 COGS   2560000 3072000 3532800 4062720 4672128 17,899,648 Gross Profit   880,000 1,056,000 1,214,400 1,396,560 1,606,044 6,153,004 The projected income statement shows Net loss of QR 19,813 in the first year of operations but in the second year, Easy Vision would be able to achieve net profit. Net income would increase from the second year onwards. The income statements of Easy Vision as project for the first five years are shown below: Year 1 Year 2 Year 3 Year 4 Year 5 Revenue 3,440,000 4,128,000 4,747,200 5,459,280 6,278,172 COGS 2,560,000 3,072,000 3,532,800 4,062,720 4,672,128 Gross PROFIT 880,000 1,056,000 1,214,400 1,396,560 1,606,044 Expenses Marketing Expense 50,000 60,000 72,000 86,400 103,680 Salaries expense 504,000 554,400 609,840 670,824 737,906 Rent expense 240,000 264,000 290,400 319,440 351,384 Depreciation expense 40,000 40,000 40,000 40,000 40,000 Interest Expense 65,813 54,138 41,762 28,644 14,739 Total Expenses 899,813 972,538 1,054,002 1,145,308 1,247,709 Net Income (19,813) 83,462 160,398 251,252 358,335 Break Even Analysis It has been estimated that the break even of the business would be at QR1,285,447. This is the amount where the cost and revenues of the company would be equal which means that the company would be neither in profit nor at loss at this amount of revenues. Loan Amortization Table The loan Amortization table is prepared to show the series of repayment of loan. As discussed earlier that the company will be raising 75% of the capital from debt financing and taking almost 1.1 million of amount from bank at 6% interest rate. The schedule is giving an idea about the expenses that would be incurred. The table shows that the loan payment figure for each year is $260,394 which will be paid annually for five years. Cash Flow The cash flow of the business for next five year is satisfactory. The business would have positive closing balance throughout the five years. However, in first three years, there will be cash flow deficit which shows that the total cash receipts would be higher than the total cash payments however the investment from the management and debt raised would overcome this problem. The cash flow statements as projected for the first five years are shown below:   Year 1 Year 2 Year 3 Year 4 Year 5 Total Receipts           Cash sales 3,440,000 4,128,000 4,747,200 5,459,280 6,278,172 24,052,652 Cash from investors 1,462,500           Total Receipts 4,902,500 4,128,000 4,747,200 5,459,280 6,278,172 24,052,652               Payments             Salaries and wages 504,000 554,400 609,840 670,824 737,906 3,076,970 Cost of goods 2,560,000 3,072,000 3,532,800 4,062,720 4,672,128 17,899,648 Marketing/promotion 50,000 60,000 72,000 86,400 103,680 372,080 Rent expense 240,000 264,000 290,400 319,440 351,384 1,465,224 Kiosk Setup Cost 100,000           Furniture and Renovation 100,000           Inventory (5x30x2150) 322,500           Loan Payment 260,394 260,394 260,394 260,394 260,394 1,301,970 Total Payments 4,136,894 4,210,794 4,765,434 5,399,778 6,125,492 24,115,892               Cash flow Surplus/Deficit (-) 765,606 (82,794) (18,234) 59,502 152,680 876,760               Opening Cash Balance - 765,606 682,812 664,578 724,080                 Closing Cash Balance 765,606 682,812 664,578 724,080 876,760   ASSESSMENT OF FEASIBILITY The business idea is to sell Nikon Coolpix S1000pj through Kiosk in Villagio Mall of Doha city, and to start this business, Qatar looks a very feasible country. The management has analyzed that the Nikon Coolpix S1000pj is a unique camera with its stylish look and innovative features. The Camera is the first one with built-in projector to display images and video up to 40 inch. This feature makes the product very unique and that is the reason it has been liked by people around the world. The management has selected one of the best Malls of Qatar which is located in Doha city. The Mall is present in the center of the city and a large number of people visit the Mall on a daily basis. The research has also indicated that most of the visitors in this Mall belong to upper-middle class or Upper class which is beneficial for the management as people from these classes are more likely to buy luxurious products more frequently. Furthermore, the political situation of Qatar is also very favorable for the business. Government of Qatar is showing great interest for the industrial development of the country and no extra tax or fee is imposed for doing business. The economic situation would also facilitate the management to manage the business successfully. Qatar is also the richest country of the world with average income of people is high (Greenfield, 2012) and this would be an added advantage for Easy Vision. The population of Qatar is increasing with an increasing rate and the proportion of the young generation is high. As the management is primarily targeting young generation so it will another good opportunity for the management. In addition to this, the research has indicated that Qataris are more likely to buy new innovative and luxurious products. Qataris follow Arabic culture where expensive gifts are given to friends and family frequently. These all characteristics of people of Qatar would give the management more opportunities to make the business feasible and profitable. There are 13 authorized dealers of Nikon in Qatar. Most of them are operating their business in Doha city. But the position of Easy Vision is different as the company is offering a kit of accessories along with the camera at the same price. The rest of the retailers are charging extra money for accessories. Therefore this would be the one of the main competitive advantages of the company. The financial performance of the business that has been estimated for the next five years is also very favorable. The company would be able to generate net income after first year of the business operation. Moreover, the cash flow statement also shows cash surplus after two years. The breakeven point of the business would be achieved in third year of the business. These all figures make positive impression in order to start this business in Qatar. Future Plans The management has planned to setup more kiosks in different locations of Doha city. The company would further grow to other regions of Qatar as well. The company has planned to include other Nikon brands in the portfolio. The management has also planned to include other international and renowned brands in the portfolio such as Canon, Sony etc. The product line can also be extended such as mobile phones and smart phones can be added later on. The company will also be using print and electronic media for advertisement. References Catnaps. (2012). Historical information on the population. Retrieved October 8, 2012 from http://catnaps.org/islamic/population.html CIA. (2012). ‘Qatar’. The World Fact Book, Retrieved October 8, 2012 from https://www.cia.gov/library/publications/the-world-factbook/geos/qa.html Companies in Qatar. (n.d). The Taxation System in Qatar. Retrieved October 8, 2012 from http://www.companiesinqatar.com/business-guide/taxation.html Doing Business. (2012). ‘Ease of Doing Business in Qatar’. 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Retrieved October 8, 2012 from http://www.nikonusa.com/en/Nikon-Products/Product-Archive/Compact-Digital%20Cameras/26186/COOLPIX-S1000pj.html#tab-ProductDetail-ProductTabs-RatingsReviews Qatar Science & Technology Park (QSTP). (2012). About Us. Retrieved October 8, 2012 from http://www.qstp.org.qa/home/about-us Toumi, H. (2010). ‘Qatar's population expected to reach 2.5 million in 2020’. Gulf News, Retrieved October 8, 2012 from http://gulfnews.com/news/gulf/qatar/qatar-s-population-expected-to-reach-2-5-million-in-2020-1.699758 Trading Economics. (2012). Qatar - National Statistical Data. Retrieved October 8, 2012 from http://www.tradingeconomics.com/qatar/indicators Read More