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Accounting and accounting rules in Qatar

Accounting Rules

Tax Year
The tax year is generally the same as the calendar year, and a taxpayer must use this accounting period unless approval is obtained for a different year-end (in exceptional cases only).
The first accounting period may be more or less than 12 months, but it should not be less than six months or more than 18 months.
Accounting Standards
The Commercial Law No. 5 of 2002 requires all listed companies to prepare consolidated and separate company financial statements “in accordance with the accounting principles approved internationally”. Regulations of the Qatar Financial Markets Authority have defined this to mean IFRS Standards.
Accounting Regulation Bodies
Qatar Financial Markets Authority (QFMA)
Ministry of Economy and Commerce
Qatar Exchange
Accounting Reports
The annual report has to include a balance sheet, a profit and loss account and a cash flow statement.
Publication Requirements
In general, all companies must file tax declarations within four months after the end of the accounting period. The due date may be extended at the discretion of the QTD, but the length of the extension may not exceed four months.
All accounting books, registers, and documents relating to activity in Qatar are required to be retained in Qatar for a ten-year period.

The Commercial Companies’ Law 11/2015 requires public shareholding companies to submit financial statements, in compliance with IFRS and IAS, to the Ministry of Economy and Commerce. Publicly listed companies should also publish financial statements 15 days before their annual general meeting, in two local newspapers (in Arabic and English) and on the company’s website. All companies are required to keep accounting records (including PSC, LLC and LPC), prepared according to standards promulgated by the International Accounting Standards Board (IASB).

Professional Accountancy Bodies
Qatar Institute of Certified Public Accountants
Gulf Cooperation Council Accounting and Auditing Organization (GCCAAO)
Certification and Auditing
A company's CIT return is required to be accompanied by audited financial statements if the company's capital or profit exceeds QAR 100,000 or the head office is situated outside Qatar. The tax declaration must be certified by an accountant in practice in Qatar who is registered with the Ministry of Finance. If this requirement is not satisfied, the Qatar Tax Department (QTD) rejects the tax declaration. The tax declaration and supporting audited financial statements must be denominated in QAR.
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Latest Update: May 2024