Qatar: Central Bank Launches Sustainable Finance Framework

Qatar Tribune, 20 April 2025: Qatar Central Bank (QCB) issued the Sustainable Finance Framework to align with national strategies and promote growth through environmental, social, and governance principles.

QCB explained that this framework is based on several key elements, including enhancing transparency, revenue management, reporting, and external auditing, aiming to open new opportunities for growth and innovation in Qatar by incorporating sustainable Islamic financial instruments. It supports the transition to a flexible and inclusive economy that balances economic growth with environmental and social responsibility. The framework represents a proactive step by QCB to integrate sustainability into the financial sector, promoting practices that align with global standards and national objectives. The decision impacts financial institutions and stakeholders in Qatar, obligating them to adhere to the principles outlined in the framework. It encourages the adoption of sustainable practices and the development of financial products that meet environmental and social criteria.

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Qatar: Central Bank Introduces Multiple Wallets Feature in Mobile Payment System

Gulf Times, 13 April 2025: Qatar Central Bank (QCB) has introduced a ‘Multiple Wallets per Mobile Number’ feature to the Qatar Mobile Payment system.

The feature allows users to have multiple wallets linked to a single mobile number. This initiative aligns with the Third Financial Sector Strategy and is part of QCB’s efforts to improve mobile payment services in Qatar. The feature enables users to open two wallets with different payment service providers using the same mobile number, providing them with enhanced flexibility and control over their financial transactions. Users can designate a default account for receiving all incoming transfers and have the flexibility to manage and change the default account as needed. The introduction of this feature is expected to support innovation among payment service providers, and support financial inclusion in Qatar.

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Qatar: End of Supplier Classification Exemptions for Public Sector Procurement

Al Watan, 3 April 2025: The Qatari Ministry of Finance has announced the end of supplier classification fee exemptions, with effect from 6 April 2025.

After this date, the prescribed fees will apply, and companies classified under the old system with valid classification certificates and approved profiles will have to switch to the new classification system by then.

The new classification system, which was launched on 3 October 2024, is based on Article 101 of Qatar Cabinet Decision No. 16/2019 the Executive Regulations of the Tenders and Auctions Law No. 16/2019 and its amendments in Qatar Cabinet Decision No. 11/2022. The system requires companies which are participating in government tenders to create a mandatory profile via the national authentication system. An audited balance sheet is now mandatory for company classification, and company performance evaluations in government entities are linked as a criterion for classification. The system also focuses on the financial suitability of companies and ties company revenues to classification categories, adding quality, health, safety, and environmental standards.

The Ministry has urged companies to create their profiles (which can be done free of charge) on the unified state procurement website and to register in the classification lists for suppliers, service providers, and contractors. Profile creation is the first step for classifying companies in sectors such as contracting, suppliers, and service providers for all local and foreign companies. Required documents include a commercial register, trade license, establishment card, audited financial statement for the last fiscal year, and a professional activity license.

The classification criteria include previous experience and performance, quality, health, safety, and environmental standards, legal standards, and financial criteria. Companies are evaluated based on government project contracts, private project contracts, experience in Qatar, and average performance ratings from government entities over the last three years. Quality standards are assessed from company guidelines to ISO certifications, while legal standards consider fines and violations in government contracts. Financial criteria require audited financial statements for the last two years and assess operating profit margin, operating cash flow ratio, and coverage ratio. The Ministry of Finance also plans to develop business localisation programmes, which will include all government companies and subsidiaries of the Qatar Investment Authority, to support private sector companies, increase local content, and ensure small and medium enterprises (SMEs) have a share in local procurement.

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Qatar: Development Bank Launches Partial Investment Guarantee Programme

Alarab, 26 March 2025: The Qatar Development Bank (QDB) has introduced a Partial Investment Guarantee Programme to mitigate financial risks for investors and encourage investment in Qatar’s tech startups.

The programme aims to reduce financial risks for individual and group investors and encourage investment in technology startups in Qatar.

It aligns with Qatar’s National Development Strategy. The guarantees are offered through QDB’s investment arm and provide protection to investors who meet the programme’s criteria. Eligible companies must be based in Qatar.

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Qatar: Cabinet Approves Key Resolutions to Enhance Administrative Framework

Qatar Tribune, 13 March 2025: The Qatar Cabinet has given its preliminary approval to a draft resolution.

This resolution is aimed at defining the administrative units within the General Retirement and Social Insurance Authority (GRSIA) and specifying their areas of specialisation.

This decision was made during the Cabinet’s regular meeting, chaired by the Prime Minister and Foreign Affairs Minister.

The draft resolution, developed in collaboration with the Civil Services and Government Development Bureau, seeks to modernise and enhance the institutional structure of the administrative units tasked with implementing contemporary social insurance systems.

This initiative aligns with the provisions of the Social Security Law and the Military Retirement Law.

In addition to this, the Cabinet has sanctioned a draft decision by the Minister of Finance concerning the remuneration of members involved in tender and auction committees, including their secretariats.

This decision, formulated in accordance with the Tenders and Auctions Regulation Law, outlines the regulations for entitlement and disbursement.

Further, the Cabinet approved a draft decision by the Minister of Environment and Climate Change to issue guidelines for radiation practices in industrial radiography.

This draft will be available on the “Sharek” platform for ten days to solicit comments and feedback.

The guidelines aim to mitigate radiation risks in industrial radiography by establishing national oversight requirements.

Another significant approval was given to a draft decision by the Minister of Justice to organise the initial real estate registry.

This draft, prepared in coordination with the Real Estate Regulatory Authority, will also be posted on the “Sharek” platform for public feedback.

It aims to provide a legislative framework for recording real estate data and documenting legal rights and dispositions.

The Cabinet has also decided to proceed with the necessary measures to ratify an MoU for cooperation in tourism and business events between Qatar and Sierra Leone.

Additionally, several MoUs were approved, including cooperation in statistics with Saudi Arabia, public administration reform with Morocco, and combating money laundering with Libya.

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Qatar: Cabinet Approves Draft Law on Lost Property and Unclaimed Money

The Peninsula, 6 March 2025: The Cabinet has approved a draft law concerning lost property and unclaimed money, which will now be referred to the Shura Council for further consideration.

The draft law, prepared by the Interior Ministry aims to establish clear procedures for handling lost property and unclaimed money, ensuring that these items are returned to their rightful owners and encouraging individuals to report found items.

Other decisions made by the Cabinet include approving a draft resolution on protective measures for public electrical and water facilities, endorsing an employment agreement with Sierra Leone, and ratifying an MoU with Uzbekistan on combating money laundering.

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Qatar: Tax Return Deadline Extended

The General Tax Authority (GTA) has extended the deadline for submitting tax returns for the fiscal year ending 31 December 2024, by four months.

Taxpayers now have until 31 August 2025, to file their returns, instead of the original 30 April 2025 deadline.

This extension is part of the 100% Financial Penalty Exemption Initiative, providing taxpayers with additional time to meet their obligations.

The extension applies to all entities and individuals under Qatar Law No. 24/2018 of Income Tax Law including tax-exempt companies and those owned by Qatari nationals or GCC citizens.

However, companies in the petroleum and petrochemical sectors must adhere to the original 30 April 2025 deadline.

This decision underscores the GTA’s commitment to supporting taxpayers and enhancing compliance.

Taxpayers are encouraged to file electronically via the Dhareeba Tax Portal and can seek assistance through the GTA’s Call Centre or email support.

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