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On 30 August 2021, the General Tax Authority (“GTA”) vide their Circular No 6 of 2021, has extended the deadline for filing tax returns from 31st August 2021 to 31st December 2021 for eligible businesses. Eligibility applies to: Entities having a capital of less than QR 1 million and yearly turnover of less than QR 5 million which are required to file a tax return in "Dhareeba" using the "simplified tax return format", and on Entities that meet the above criteria and are required to file a full tax return in "Dhareeba" with final audited financial statements.
This applies for Qatari and GCC-owned Businesses and is meant for the accounting year ending in December 2020 and other approved accounting periods approved by the GTA. Dhareeba is an electronic system that connects GTA and relevant Government agencies with the taxpayers.
Digital platforms are evolving globally & the worlds’ economy is irresistibly moving towards a digital ecosystem. From investing to transferring money, everything is happening digitally. The newest and most promising addition to the digital economy division is cryptocurrency. This new form of digital currency anticipates growing into the mainstream of business operations in the future years....
The violation of the Capital Market Law and alleged insider trading has got certain concerned individuals in legal trouble. For revealing sensitive internal information, the Saudi Capital Market Authority (CMA) has placed around 250 social media users to the Public Prosecution. In addition, the group's supervisor was apparently found spreading ideas about listed companies through the group in a possible...
A cryptocurrency is a form of digital money that is decentralized and relies on blockchain technology. Although you might be aware of the most well-known versions, Ethereum and Bitcoin, there are over 5,000 distinct cryptocurrencies in use. When Satoshi Nakamoto, the unknown founder of Bitcoin, introduced the Electronic Cash System in late 2008, the terms Bitcoin, Cryptocurrency, and blockchain were...
The Delhi High Court has overturned its judgment ordering a CBI investigation into an Income Tax Department source. After the government informed the Court that the email was sent due to a system error and was, in fact, authentic, an adjournment email was sent to an assessee firm. After ordering this, a division bench comprising of Justice Manmohan and Justice Navin Chawla recalled its previous order...
Following consumer complaints, which surfaced as a result of the Value Added Tax being applied by businesses before the stipulated dates, the tax department has urged businesses to refrain from it. The consumer complaints sprang from some SMEs allegedly implementing the tax before their categories should implement the same, as per the new tax laws brought in. Any business or establishment, regardless...
The UAE, previously considered as a tax haven, had gradually started introducing taxation in the country. In 2018, UAE first introduced a Value Added Tax for indirectly taxing goods and services as well as the Country-by-Country Reporting (CbCR) regulations in April 2019. On 31 January 2022, the UAE announced taxing corporations under the corporate tax system. The corporate tax is the tax levied by...