Arabic financial statements requested on Dhareeba

The situation

For tax years starting on or after 1 January 2020, financial statements filed with the GTA must be in Arabic, and correspondence with the GTA is in Arabic.

The law

• Executive Regulations of Law No. 24 of 2018 (audited financial statements): Audited IFRS accounts must go with the return if capital exceeds QAR 200,000, income exceeds QAR 500,000 or the head office is abroad; accounts in Arabic from 2020
• GTA Circular 5 (Dhareeba): From 1 November 2020 all returns, WHT and contract notifications are filed on Dhareeba

What it means for you

An English only set can be treated as incomplete, which risks late filing penalties of QAR 500 a day once the deadline passes. Most Qatar auditors issue a bilingual or Arabic set on request. Ask for the Arabic version as part of the audit engagement so it is ready with the English report.

What to do

1. Ask your auditor for the signed Arabic version.
2. Upload it to the return on Dhareeba.
3. Keep both versions on file.
4. Add Arabic accounts to next year's audit letter.

Related

• Economic substance and the 15 percent penalty
• How the foreign owned share is taxed in a joint venture
• Do we need audited accounts with the tax return
• WHT in the accounts does not match WHT filed
• Late filing penalty for the Qatar corporate tax return
• Asking the GTA to extend the filing deadline