TaxSavvyQA

Crossing the threshold and needing audited accounts

Our revenue grew to QAR 12 million. What changes in our tax filing?

The situation

Exempt companies above the simplified thresholds must file the full return with audited financial statements.

The law

  • Law No. 24 of 2018 and GTA filing rules for Qatari and GCC owned entities: The share of profit owned by Qatari and GCC nationals is exempt, but the entity still files
  • 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

At QAR 12 million revenue you are above both versions of the threshold quoted in public sources. Plan an audit by a Qatar registered auditor, in Arabic, so it is ready before 30 April for a December year end.

What to do

  1. Appoint an auditor early.
  2. Prepare IFRS accounts.
  3. File the full return with Arabic audited accounts.
  4. Keep a threshold check each year.

We can do this for youTax return for a fully Qatari or GCC owned company (simplified or full return): QAR 3,000

Related