Implementation of Qatar’s Transfer Pricing Regulations:

The General Tax Authority (GTA) in Qatar issued the Executive Regulations (ER) to operationalize the Income Tax Law No. 24 of 2018. These ERs, effective since December 2019, contain detailed provisions related to transfer pricing.

Related Party Definitions and Considerations:

The document defines related entities in accordance with IAS 24 and emphasizes that transfer pricing requirements are applicable when determining pricing terms and other transaction-related details between these entities.

Transfer Pricing Documentation and Compliance:

Qatar’s transfer pricing documentation aligns with OECD standards, requiring the production of a Master file, Local file, and, under certain conditions, Country-by-Country Reporting (CbCR).

Penalties and Audit Practices:

The GTA has the authority to conduct audits and request transfer pricing documentation. Non-compliance with these requests can result in fines.

Financial Statements and Tax Return Deadlines:

Financial statements in Qatar are required to follow International Financial Reporting Standards (IFRS). Companies must file their tax returns within four months of the fiscal year-end.

Language and Record Keeping:

Documentation must be maintained in English or Arabic, and Qatar obliges taxpayers to keep records for ten years.

Penalties and Interest Charges:

Penalties for non-compliance with notice, CbCR, and transfer pricing filing requirements are enforced, with penalties specified in Article 24(8) of the Income Tax Law.