Qatar- QFC announces new measures to support its firms

(MENAFN- Gulf Times) The Qatar Financial Centre (QFC) has announced new support measures, including the extension of deadline to file tax without incurring any late filing penalties, to offer relief to more than 900 firms already registered on its platform.

The measures come in line with the recent actions taken by Qatar and the various state entities to provide support to the nation's economy and private sector in light of the business risks posed by the coronavirus disease (Covid-19).

"The significant national economic measures, directives and stimulus, which were introduced to mitigate the negative impacts of the unprecedented global circumstances surrounding Covid-19, showcase Qatar's commitment and support of its private sector in alleviating financial burdens and ensuring the continuity of business. The QFC sees it imperative to complement national measures and remains committed to offer its own relief and continued support to QFC firms during this crisis, said Yousuf Mohamed al-Jaida, QFC Authority chief executive.

Affirming its ongoing commitment to supporting the nation's economic policies, the QFC said it would provide deadline extensions for tax filings due to the ongoing pandemic without incurring any late filing penalties, in addition to reducing the rate of the charge due on the late payment of tax (late payment charge) to 0% from March 1, 2020 to August 31, 2020.

The updated rates would ensure that any QFC firm that extends their filing due date would not suffer any late payment charges until August 31, 2020, should their tax due also be paid after the payment due date, a QFC spokesman said.

These measures complement the recent decision announced by the General Tax Authority to postpone the payment of tax until June 30, 2020. In addition, the QFC announced "the waiver of the concessionary rate charge due on qualifying QFC entities that elect for the 0% concessionary rate under Part 15 of the Tax Regulations if the election is made during the year 2020."

Furthermore, the QFC announced that it will provide deadline extensions for filing audited annual financial statements by a period of two months.

The QFC has also strengthened its digitalisation processes for firms' incorporation, ensuring that all automated processes are approved swiftly, from the point where a firm submits a business case to when a firm is licensed on the QFC platform and receiving post licensing services such as immigration, banking and relocation support.

In view of the pandemic, the QFC continues to offer full support to its firms, including a 24/7 multilingual call centre where clients can continue to relay their licensing and post-licensing queries, as well as other business servicing questions.

Since the beginning of April, the call centre has responded successfully to several hundred individual enquiries, which demonstrates the breadth and depth of its customer service expertise.

In addition, QFC has registered 926 firms to date and is well underway and ahead in reaching its goal of registering 1,000 firms by 2022.


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