Dates of submission of tax returns Monday, 25 April 2011 19:03

The taxpayer who is engaged in an activity aimed at achieving a profit or income is committed to provide a statement to the competent department by enforcing the law on the method prepared for this purpose during the four months from the date of the end of the accounting period showing the taxable income and the amount of due tax.

The taxpayer, who is engaged in an activity that exempts from tax, is committed to provide a statement attached with the budget and profit and loss account audited by the auditor within four months from the date of the end of the accounting period.

Every taxpayer who does not provide a statement within the periods prescribed by law shall be fined by a financial penalty of QR 100 for each day of delay up to a maximum of QR 36000. The period of delay shall be calculated from the following day of the expiry of deadline for the submission of statement and it shall end on the date of submission of the statement.

The taxpayer, who benefits from the exemption, shall be fined by a financial penalty if he failed to submit the required documents with the statement.

Therefore, we recommend those individuals and companies that are engaged in the activity aimed at achieving profit or achieving the taxable income or engaged in an activity that exempts from tax to quickly provide the tax returns before the end of the current month of April to avoid financial penalties and sanctions provided in the Income Tax Law No. 21/2009.