Q1. When do you need to prepare financial statement?
A1. Financial statements should prepare no longer than March each year.
Q2. To whom you will present your financial statement?
A2. To the owners/partners, investors, financers, Tax dept.
Q3. Is my Company Taxable or not?
A3. - If the company owned by Qatari 100%, then it is not taxable, but should issue Tax card
- If there is Non-Qatari own part in the company, then its taxable and must issue tax card.
Q4. When to submit tax clearance?
A4. No longer than April 30 th .
Q5. When should issue tax card (Tax registration and tax card)
A5. Direct when get the CR
-The tax law says that if you are a taxpayer and you are Carrying on a business activity in Qatar then you should Register with the PRTD and submit an application for a tax card within 30 days from whichever is the earlier date, of obtaining commercial registration or the first day of Realization of income from the activity. In practice it is Prudent to act within 30 days of obtaining commercial Registration even if there may be a delay before you receive Your first income from the activity. A penalty of QAR5000 ($1370) may be imposed for failure To register and apply for a tax card within the deadline. The Duration of the first taxable period must be a minimum of Six months and a maximum of 18 months. Thereafter, each Period will be 12 months in duration. The default tax yearend Date is December 31. An application may be made to the PRTD to seek approval for a different year-end date.
Q6.What is the requirements for tax card/registration/renewal?
A6.
1. Authorization letter from the company addressed to the Auditing-Accounting Firm
2. Original previous Tax Card
3. Photo copy of Valid Commercial Registration
4. Photo copy of Valid Business/Trading license
5. Photo copy of Valid computer ID
6. Photo copy of both Owners and Partners valid ID
7. Establishment contract (only for first time registration of tax card)