Practical COVID-19 outbreak advice

According to article 37 in the Executive Regulation; we are keen to inform you that the declaration window is now open on the Dhareeba system, and the company’s management should declare any agreement that meets the criteria stated in the attached letter. Any non-compliance would lead to a penalty; you have one month to declare any new agreement from the commencement signed date. If you need any clarification regarding the above subject, please do not hesitate to contact us, and we will be more than happy to assist you.

Click on the below link to read the Executive Regulation of GTA -Article 37. Read More

LONDON – HLB, the global advisory and accounting network, is proud to announce that it has been named ‘Network of the Year’ at the 2020 Digital Accountancy Awards. The award was presented at the virtual ceremony which took place on 30 September.

Team HLB were also celebrating with Dr Frances Ellington of HLB USA who was awarded ‘Young Accountant of the Year’.

Widely regarded as the industry’s premiere awards programme, the Digital Accountancy Awards celebrate excellence in the accounting profession.

For HLB, the ‘Network of the Year’ award is in recognition of a milestone year. To be considered for this award, nominees had to demonstrate the execution of profitable growth strategies, be recognised by the industry as a reputable brand and have excelled in a number of key strategic and operational areas. In 2019 HLB saw the network celebrate its 50th anniversary, achieve a 7% increase in revenue, taking our global combined turnover to US$2.93bn. In fact, we reached our 2020 performance objectives we had set for ourselves a year early, which led us to develop and launch our new holistic growth strategy, Shaping our Shared Future.

Commenting on the win, Corney Versteden, HLB Global Chairman, said: “I am immensely proud that HLB has been recognised as ‘Network of the Year’. 2019 was a monumental year for us and we looked forward to building on the fantastic achievements we had made. But we all know that 2020 has been an unprecedented year for everyone and I’ve been humbled to see how our network has come together to support not only each other but our clients during these extraordinary times. This award is truly a reflection of all the hard work and dedication of our people from all over the world and it shows the strength of our tagline ‘Together we make it happen’”.

About HLB

HLB International is a global network of independent advisory and accounting firms.Formed in 1969, we service clients through our member firms in 158 countries, with 29,363 partners and staff in 795 offices worldwide.

Learn more about us and tell us what matters to you by visiting www.hlb.global.

HLB refers to the HLB International network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.hlb.global/legal for further details.

© 2020 HLB International Limited. All rights reserved.

Click on the below link to read network of the Year. Read More

According to the provision No. 69 of the Executive Regulation of the relevant Income Tax Law issued under the Law No. (24) of the year 2018, all companies must address the GTA and fulfill all their tax obligations, via these online services as of the announcement date of its initiation. Moreover, all taxpayers registered at the time of implementing these electronic systems must correct their status and reprocess the registration at GTA in line with the provisions of this Executive Regulation within 90 days from implementing the Dhareeba system, which is 1‐July‐2020. “Dhareeba” is an integrated digital platform for managing tax transactions in the State of Qatar. It's a new milestone that has been achieved by the General Tax Authority for digital tax transformation. This system enhances the effectiveness and efficiency in streamlining the entire processes.

Click on the below link to read the Tax Dhareeba Registration. Read More

The Emir has announced that the government has granted QR 75,000,000,000 to all affected sectors by COVID-19. However, there is no clear guidance and process about it. We will update this section as soon as we receive any update.

The Qatar Central Bank has issued a circular number 5 on the 22nd of March 2020 requesting all banks in Qatar to postpone all payments installments and interest for six months period. This program covers only companies that have affected by the COVID-19 outbreak. There is no precise mechanism about the process. However, you have to submit the file that proves the subject matter to your bank, and the latter will study the file worth the credit Committee within a maximum of 14 days. Afterward, the bank will get back to you with the decision (acceptance or rejection).

The General Tax Authority has issued a circular on the 12th of March 2020, extending the income tax payment due on all companies that have to pay the income tax till 30th of June 2020. This circular applies to all companies that have an accounting period ended by the 30th of April 2020.

The General Tax Authority has issued a circular on the 12th of March 2020, extending the submission period of the Tax declaration and Financial Statements till the 30th of June 2020. This circular applies to all companies that have an accounting period ended by the 30th of April 2020.

Upon the directives of HH the Amir Sheikh Tamim bin Hamad Al -Thani, to support the economic and financial sector within the framework of the precautionary measures to combat the spread of the coronavirus (Covid-19), and HH the Amir's directives to support and provide financial and economic incentives, amounting to QR 75 billion for the private sector, HE the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz Al -Thani, directed to allocate guarantees to local banks at an amount of QR 3 billion.
Qatar Central Bank (QCB) said that the amount of QR 3 billion comes within the support package for granting soft loans and without commissions or fees for the affected companies to support salaries and rents through guarantees issued by Qatar Development Bank (QDB) to banks operating in the State.

The mechanism is detailed below and will be updated if we receive any updated information:

• The company must be registered in the Ministry of Economy and Industry and have a valid Commercial Registration.
• QFC companies are exempted from this program.
• You can borrow up to QR 7,500,000 paid on three installments each QR 2,500,000.
• The installments should be paid in three years maximum starting from the last borrowed amount settled by the bank; in other words, from the previous QR 2,500,000, you receive from the bank you count three years. It does not mean that each company is entitled to QR 7,500,000, the bank will study how much the company is incurring monthly salaries and rent and will decide accordingly.
• In the first year, you have six months grace period; the interest will be borne by QDB, which is supported by the Qatari government.
• In the second half of the year, your company will incur 2% only, and QDB will bear 1.5%. Please note that QCB rate (current rate is 2.5%) is subject to amendment, hence always you have to add 1%+QCB rate (now 2.5%)= 3.5%, from this percentage your company will bear 3.5% minus 1.5% (assumed by QDB) in which the total is equal to 2% only. In nutshell, first half, only principal, second half, principal plus 2% interest.
• In the second and third year, the calculation will be 2%+QCB rate (now2.5%)=4.5%, and your company will assume the full interest.
• The loan will not be provided as direct cash that you can use, but instead, they will transfer the money to your bank accounts to cover only the salaries and rent.
• Rent charges that are already relief by the landlord are exempted from this program.
• The cap is QR 10,000 per employee for the salaries. 
• The monthly installment is QR 2,500,000 till they cover QR 7,500,000.
• The application will be submitted to the company’s bank. The latter will study the application form along with supporting documents that prove the negative impact of this COVID-19. 
• The Qatari Partner has to provide a personal guarantee to the bank in addition to the QDB guarantee. 
• Real Estate, construction, contracting, and infrastructure are exempted from this program.
• The Qatari who owns more than one company is entitled to apply only for one company that has impacted by COVID-19.

Each company has to arrange the following documents, and the application date starts tomorrow on the 1st of April in the banks. Each company can use its bank to apply and also get further information because the mechanism is also available with the banks.

• Valid rent agreement.
• Copy of the resident ID of the person who applies in which the person should be one of the names authorized in the Commercial Registration.
• Valid Commercial Registration.
• Personal guarantee and guarantee cheques (after the application's approval). This process will be discussed with the company’s Bank; it is based on their requirements.
• Supporting documents using them as evidence that you have paid the rent (in case your company is exempted now by the landlord, then your company will not be entitled to claim the relevant amount).
• Supporting documents using them as evidence that you have paid the salaries for the last three months through the WPS system.