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Business and Finance

Qatar Chamber Urges “Inactive Companies” to Strike Off Their Commercial Registrations

28 Dec, 2021 08:18 AMQatar TribuneIntended Audience
Visitor: Business Owner
Citizen: Business Owner

News Details

Qatar Chamber (QC) called on all Qatari companies to abide by the General Tax Authority’s circular which calls for the tax return for the taxable year 2020 before the end of the extension period on December 31 to avoid financial penalties in accordance with the Income Tax Law and its executive regulations.

The circular stipulated that companies and establishments owned by Qatari citizens and citizens of the Gulf Cooperation Council countries that are exempt from income tax, whose share capital is less than QR 1 million and their annual revenue are less than QR 5 million, should submit the tax return before that deadline. Companies that fail to abide by such procedures alongside with the submission of financial statements will be prone to pay financial penalties of QR 500 for each day delay (maximum QR 180.000) according to the 24 Article of the Income Tax Law.

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