TaxSavvyQA

Audit thresholds for tax filing

Which companies must attach audited accounts?

The situation

Audited accounts are required if capital exceeds QAR 200,000, income exceeds QAR 500,000, or the head office is outside Qatar.

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

What it means for you

Meeting any one test is enough. A company with QAR 100,000 capital and QAR 600,000 income needs audited accounts because income is over QAR 500,000. A branch needs them at any size because its head office is abroad.

What to do

  1. Check all three tests.
  2. Appoint an auditor.
  3. Prepare IFRS accounts.
  4. Attach to the return.

We can do this for youStatutory audit and IFRS financial statements in Arabic for the tax return: QAR 7,500

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