Filing Income Tax Return Extension

Filing Income Tax Return for Qatari and GCC companies owned entirely by legal/natural persons.

The General Tax Authority has issued a new circular 2/2021 that supersedes the previous circular 4/2011 related to the exemption granted to Qatari companies owned 100% by Qatari or GCC legal/natural resident in the state of Qatari. The GTA resolved the following:

  1. All companies (Qatari or GCC owned 100 % by legal/natural persons) generating a turnover of QR 5,000,000 and above or having a capital of QR 1,000,000 and above, should comply with the Income Tax Law and its Executive Regulation by filing their income tax return and the audited financial statements in Dhareeba system based on the accrual method.
  2. All companies (Qatari or GCC owned 100 % by legal/natural persons) generating a turnover that is less than QR 5,000,000 or having a capital that is less than QR 1,000,000, should comply with the Income Tax Law and its Executive Regulation by filing their income tax return in the audited financial statements in Dhareeba system based on the simplified method.
  3. Furthermore, the GTA granted an extension of 4 months to the same companies stated in point 1 and 2 to file their Income Tax Return for the accounting year ended 31 of December 2020. Hence, this extension gives them a grace period of 8 months that ends by the 31 of August 2021. In the event of non compliance, the GTA will impose a daily filing penalty of QR 500 up to a cap of QR 180,000.

If you need any further clarification on the above, feel free to contact us and we will be glad to assist you.

Click to read more about the circular

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AG & partner CPA was founded and registered in the Ministry of Economy and Commerce in Qatar under Commercial Registration number 103317

The founder is a member of the American Institution of Certified Public Accountant (AICPA) holding the membership number 6231191.

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