In accordance with Article 69 of Cabinet Resolution No 39 of 2019 on executive regulation of Income Tax Law, all Companies are required to close the books of accounts as on 31st December of every calendar year starting from December 2019. The new accounting period for all companies will be from 1st January to 31st December of every year.

The interval period in between will be treated as an independent accounting period and tax return has to be filed accordingly.

For example, in the case of a company:

1. If the current accounting period ends in any month between January 2020 to June 2020, books of account should be closed on 31st December 2020 and the income tax return along with audited financial statements should be submitted to GTA. 

2. If the current accounting period ends in any month between July 2020 to December 2020, books of accounts should be closed on 31st December 2021 and the income tax return along with audited financial statements should be submitted to GTA. 

Failure to submit a tax return before the deadline of 4 months from the end of the accounting period will invite a penalty of QAR 500 per day and up to QAR 180,000 per year.