The Ministry of Finance published a Decision No. 21 of 2018 on September 9, 2018 in the Official Gazette. This Decision implements new Country-by-Country (CbC) reporting requirement. It is effective from September 10, 2018. A CbC report contains collective information on a jurisdictional basis of an MNE’s revenues, profits, taxes, stated capital, accumulated earnings, employees and assets. The Qatar Financial Centre (“QFC”) tax department gave an announcement on September 26, 2018, of extending the CbCR requirement to QFC entities.
This Decision introduces a new CbCR reporting submission or notification requirements for entities those are tax resident under Qatar State regime or QFC also these entities are part of multinational enterprises (MNEs) group. Note that, these entities need to submit CbC report if they have consolidated revenues equal to or more than QAR 3 billion (approx. EUR 700 million or USD 824 million) in the previous financial year. The first CbC reporting deadline is December 31, 2018. MNEs with consolidated revenues exceeding QAR 3 billion and Qatari subsidiaries, branches or permanent establishments will be required to notify the Qatari competent authority of the identity and residence of the ultimate parent entity (UPE) or surrogate parent entity (SPE) and this notification should be sent before December 31, 2018, for both the FY17 and FY18 CbC reports.
