QFC Implements Support Measures for Firms
Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres, announced new support measures to offer relief to the 900 plus firms already registered on its platform. The measures come in line with the recent actions taken by the State of Qatar and various Qatar entities to provide support to the nation's economy and private sector in light of the business risks posed by Coronavirus (COVID-19).
Affirming its ongoing commitment to supporting the nation's economic policies, QFC announced that it will provide deadline extensions for tax filings due to the ongoing COVID-19 crisis without incurring any late filing penalties, in addition to reducing the rate of the charge due on the late payment of tax (late payment charge) to 0% from 1 March 2020 to 31 August 2020. The updated rates will ensure that any QFC firm who extends their filing due date will not suffer any late payment charges until 31 August 2020, should their tax due also be paid after the payment due date.
These measures complement the recent decision announced by the General Tax Authority to postpone the payment of tax until 30 June 2020. In addition, the QFC announced the waiver of the Concessionary Rate Charge due on qualifying QFC entities that elect for the 0% Concessionary Rate under Part 15 of the Tax Regulations if the election is made during the year 2020.
Furthermore, the QFC announced that it will provide deadline extensions for filing audited annual financial statements by a period of two months.QFC has also strengthened its digitalization processes for firms' incorporation, ensuring that all automated processes are approved swiftly, from the point where a firm submits a business case to when a firm is licensed on the QFC platform and receiving post licensing services such as immigration, banking and relocation support.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority, said:
The significant national economic measures, directives and stimulus, which were introduced to mitigate the negative impacts of the unprecedented global circumstances surrounding coronavirus (COVID-19), showcases Qatar's commitment and support of its private sector in alleviating financial burdens and ensuring the continuity of business. The Qatar Financial Centre sees it imperative to complement national measures and remains committed to offer its own relief and continued support to QFC firms during this crisis.
QFC continues to offer full support to its firms during COVID-19, including a 24/7, multilingual call centre where clients can continue to relay their licensing and post-licensing queries, as well as other business servicing questions. Since the beginning of April, the multilingual call centre has responded successfully to several hundred individual enquiries, which demonstrates the breadth and depth of its customer service expertise. In addition, QFC has registered 926 firms to date and is well underway and ahead in reaching its goal of registering 1,000 firms by 2022.
QFC is also further supporting the business community through encouraging the use of advertising critical job roles on Bayt.com, the Middle East's leading job site, for free. To help combat the spread of COVID-19 in the community, Bayt.com is offering free classic job postings to fill critical positions including: Doctors, Nurses, and Health Professionals; Public Health Experts, Scientists, and Researchers; Healthcare Workers and Support Staff; Cleaning and Sanitization Staff; Logistics and Transportation Staff; Security and Safety Staff; Non-profit Staff
In light of the rapid changes taking place for businesses across the globe, we are tracking how Qatar’s own business community is adapting to the COVID-19 Pandemic.