General Tax Authority implements simplified tax returns for Qatari companies

Doha: The General Tax Authority (GTA) announced the implementation of the "simplified tax return" which must be submitted by corporates and permanent establishments that are exempt from tax, owned by Qatari and GCC citizens, whose share capital is less than QR 1 million and annual revenue is less than QR 5 million. 

Based on circular no. 2 of 2021 issued by the GTA, with regards to the submission of the tax return for the corporates owned by Qatari and GCC citizens that are exempt from tax, corporates whose capital equal to or more than QR 1 million or its annual revenues are equal to or more than QR 5 million, have to submit the tax return and audited financial statements based on the "approved tax return form". In order to facilitate the process on companies owned by Qatari and GCC citizens, the GTA announced an extension for this category to submit their tax returns for the year 2020 by an additional four months.