TaxSavvyQA

Final tax return on liquidation

Do we file a final tax return when closing?

The situation

Taxable companies file returns for every period up to cessation, including the final period.

The law

  • Law No. 24 of 2018 on Income Tax (tax returns): Return due within four months after the accounting period ends; GTA may extend by up to four months
  • 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

Prepare final accounts to the closure date and file the last return on Dhareeba. Gains on asset sales during liquidation are part of taxable income for the foreign share. Audited accounts may be needed if thresholds are met.

What to do

  1. Prepare final accounts.
  2. Audit if required.
  3. File the final return.
  4. Pay any tax.

We can do this for youLiquidation and cancellation of a company with GTA clearance: QAR 12,000

Related