Qatar: Deadline for Simplified Tax Return

The Qatar General Tax Authority has called on companies which are 100% Qatari or companies which have a Gulf partner who is residing in Qatar to submit a simplified tax return. These returns must be submitted by no later than 31 August 2021.

The authority explained through a tweet which it posted on its official Twitter account – the conditions for submitting the declaration. A company can submit a simplified tax return if the company has capital of less than 1 million Riyals and annual revenue of less than 5 million Riyals. The company’s head office must be in Qatar and there accounts will not require approved by an audit firm.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Qatar: Family and Tourism Visas to be Issued Again

Al-Sharq, 8 July 2021: Qatar’s Interior Ministry has announced family and tourism visas will be issued again.

They will be issued again from 12 July 2021.

Those arriving in the country through different terminals will have to comply with the anti-Coronavirus measures approved by the Public Health Ministry.

For full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

First 2021 edition of Qatar Business Law Review Out Now!

Check out the latest edition of The Qatar Business Law Review! This issue includes:

• Qatar legal news by Sultan Al-Abdulla & Partners.
• A case comment by Dr. Zain Al Abdin Sharar on the Qatar International Court and Dispute Resolution Centre (QICDRC) Note on its decision in C v. D.
• Practical guidance from LexisNexis Middle East on the Qatar International Court and Dispute Resolution Centre (QICDRC) and the Qatar Financial Centre (QFC) Authority.

Access the latest issue here.

Qatar: Amended Custom Procedures Launched

Gulf Times, 1 July 2021: Qatar Customs has announced measures to improve customs procedures in the country.

They have launched a system to launch the process of linking the image analysis or NeoTech systems of x-ray machines with the single-window or Al Nadeeb clearance system.

This system is the first of its kind and can speed up inspection processes as well as reduce release times and reduce the burdens on inspectors.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Qatar Financial Centre Regulatory Authority Launches Consultation on Proposed Amendments to Prudential Framework for Conventional QFC Authorised Banks

The Qatar Financial Centre’s Regulatory Authority has launched a consultation on proposed Banking Business Prudential (Credit Risk and Related Matters) Amendments Rules 2021. It ends on 31 December this year.

The aim is to assess the impact of these proposals on conventional QFC authorised banks.

The prudential banking framework which applies to banks is largely based on the international framework for banks developed by the Basel Committee on Banking Supervision.

The amendments are being proposed to the Banking Business Prudential Rules 2014.

They include updated Rules taking account of the revised BCBS standardised approach for credit risk as well as new rule requirements related to the credit risk management framework.

They also include new rules taking account of the BCBS prudential treatment for equity investment in funds and new rules for categorising problem assets and provisioning.

In addition, they include new rules for the classification of items between the banking and trading books and updated rules related to the large exposures framework.

As the Islamic Financial Services Board has not finalised its work to update the credit risk capital requirement for Islamic banks, the Regulatory Authority is proposing to defer updating the credit risk framework in the Islamic Banking Business Prudential Rules 2015 until the standards are finalised and published.

After the consultation has ended, the Regulatory Authority will test the prudential returns with QFC banks over the reporting period from January 2022 to June 2022. The updated final BANK Rule would come into force on 1 January 2023.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Qatar: Amendments to QFC Law Approved

Gulf Times, 16 June 2021: Qatar’s Cabinet has approved a draft law amending the QFC Law (Qatar Law No. 7/2005).

They also approved a draft law amending the Free Zones Law (Qatar Law No. 34/2005).

In addition, they approved a draft Ministerial Decision amending the tables attached to Qatar Law No. 9/1987 on Controlling Drugs and Regulating their Trade and Use and Qatar Law No. 19/1993 regarding regulating the circulation of psychoactive substances.

They went on to approve a draft Ministerial Decision on establishing a disciplinary board for auditors. It has been approved as part of efforts to implement Qatar Law No. 8/2020 on regulating the auditing profession.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.