How to Start a Business in Qatar as a Foreigner 20 February 2024 Starting a business in Qatar as a foreigner can be an exciting venture. The country’s strategic location, business-friendly environment, and growing economy make it an attractive destination. Here’s a comprehensive guide on how to start a business in Qatar as a foreigner. Qatar has made significant … Read More
Understanding the ECL model
Understanding the ECL model 09 May 2023 ECL stands for Expected Credit Loss, a concept used in financial accounting to account for potential losses that may occur due to credit risks associated with financial assets. The International Financial Reporting Standards (IFRS) 9 require companies to use an ECL model to calculate the potential losses on financial assets, such as … Read More
Understanding the Objective of External Audit
Understanding the Objective of External Audit 09 May 2023 An external audit is a process that provides an independent opinion on a company’s financial statements, operations, and compliance with applicable laws and regulations. This opinion is expressed by a certified public accountant (CPA) who is not an employee of the company being audited. An external audit is an important … Read More
What is the Tax System in Qatar?
What is the Tax System in Qatar? 15 March 2023 Qatar has a relatively simple tax system compared to many other countries. There is no personal income tax in Qatar, but corporations do need to pay 10% percent of their profit share as tax. The simplicity of Qatar’s taxation system makes it relatively easy to file a tax return … Read More
Income Tax Amendments Highlights
Income Tax Amendments Highlights 07 February 2023 On the 2nd of February 2023, the Shura Council’s declared Issuance of the Law No.11 of the year 2022 amending certain provisions of the Income Tax Law of 2018. Law No. (11) of 2022 amending some Provisions of the Income Tax Law, Promulgated by Law No. (24) of 2018. The amendments came … Read More
Important Tax Alert for FIFA-related activities in Qatar
Important Tax Alert for FIFA-related activities in Qatar 02 December 2022 In reference to the “Law No 10/2021 measures for hosting FIFA world cup, and Resolution No 9/2022 on tax and customs exemptions for hosting World Cup 2022”, resident and non-resident beneficiaries that have an agreement, directly or indirectly, with any business relation connected with FIFA and its affiliates … Read More
Impact Of COVID-19 Outbreak On The Financial Statements
Impact Of COVID-19 Outbreak On The Financial Statements The novel COVID-19 is spreading and evolving rapidly, and accordingly, it has the potential to create significant changes for accountants, who prepare the financial statements and also for auditors as well. Auditors would face difficulties in reaching the supporting documents and evidence to support their opinion. I have attached a summary … Read More
QDB Soft Loan Scheme Grants
QDB Soft Loan Scheme Grants Upon the directives of HH the Amir Sheikh Tamim bin Hamad Al -Thani, to support the economic and financial sector within the framework of the precautionary measures to combat the spread of the coronavirus (Covid-19), and HH the Amir’s directives to support and provide financial and economic incentives, amounting to QR 75 billion for … Read More
Tax Declaration And Financial Statements Submission
Tax Declaration And Financial Statements Submission The General Tax Authority has issued a circular on the 12th of March 2020, extending the submission period of the Tax declaration and Financial Statements till the 30th of June 2020. This circular applies to all companies that have an accounting period ended by the 30th of April 2020.More case studies Filing Income … Read More
Income Tax Payment
Income Tax Payment The General Tax Authority has issued a circular on the 12th of March 2020, extending the income tax payment due on all companies that have to pay the income tax till 30th of June 2020. This circular applies to all companies that have an accounting period ended by the 30th of April 2020.More case studies Filing … Read More