The General Tax Authority has confirmed the applicability of the additional Transfer Pricing guidelines for documentation and compliance in Qatar, which was approved by way of the President’s Decision No 4 of 2020.
The specific reporting requirements are effective from financial years beginning on of after 1 January 2020. The documentation and reporting requirement shall entail:
- Transfer Pricing Declaration (Transfer Pricing Statements) to be filed in the prescribed format along with the tax return if the total revenues for the year or the total value of assets are QAR 10 million or more
- Master File and Local File to be filed by 30 June of the following year if the total revenues for the year or the total value of assets are QAR 50 million or more and having related party outside Qatar.
The Decision also provides guidance on the content of the Transfer Pricing Declaration, Master File and Local file.
It is worthwhile to note that the Dhareeba system is also programmed and equipped to support submissions of the detailed information requirements under the Transfer Pricing Declaration, Master File and Local File.
Watch this space for more.
#Transfer Pricing #TP #Tax #kpmgqatar