October 29, 2019
Qatar prescribes penalties for violating Common Reporting Standard rules
Qatar’s President of the General Tax Authority (GTA) has issued Decision No. 8 of 20191 prescribing penalties for violating Common Reporting Standard (CRS) obligations. The Decision was made based on provisions of the Income Tax Law and Article 7 of the Decision of the Ministry of Finance No. 17 of 2019 on the implementation of CRS. The Decision applies to both reporting financial institutions (RFIs), namely banks, custodians, funds and certain insurance companies, and their account holders and investors.
The following table is a summary of the penalties for violating CRS rules:
Account holders and investors, as well as RFIs, should be aware of and compliant regarding their CRS obligations, particularly in relation to providing valid self-certifications, documentation and accurate information, to reduce the risk of potential penalties.
1. The Decision was published in the Official Gazette on 11 July 2019.
For additional information with respect to this Alert, please contact the following:
EY Consulting LLC, Doha
Ernst & Young Middle East (Dubai Branch), MENA FATCA & CRS Leader