Qatar: Licensed Finance Companies Can Reclaim Tax Losses

Analysis

The Qatar Financial Centre Authority has announced licensed companies, who started operating in the Qatari market after 1 January 2014 can reclaim financial compensation for tax losses they incurred in the first two quarters.

The Authority issued a Circular informing the relevant companies they can now submit applications seeking compensation because the Tax Law was amended in 2014 to allow this.

Companies who submit a compensation application will get their amounts paid within six months of their application with the maximum compensation set at 200,000 Riyals.

To be eligible, companies should prove the compensation sought has been spent in Qatar, they are registered as limited liability companies with the QFC and have three or more full time employees.

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