Part 27: Part 27: Interpretation and Definitions
Amended (as from 18th June 2014)
Article 152- Interpretation(1) In these Regulations, a reference to—(a) a provision of any law or regulation includes a reference to that provision as amended or re-enacted from time to time;(b) an obligation to publish or cause to be published a particular document shall, unless expressly provided otherwise in these Regulations, include publishing or causing to be published in printed or electronic form;(c) a calendar year shall mean a year of the Gregorian calendar;(d) a month shall mean a month of the Gregorian calendar;(e) the masculine gender includes the feminine and the neuter; and(f) writing includes any form of representing or reproducing words in legible form.(2) The headings in these Regulations shall not affect their interpretation.(3) These Regulations are to be interpreted in keeping with the spirit of the Regulations and with regard to the objective and purpose as well as the letter of the Regulations.(4) The object and purpose of any provision in these Regulations will be derived primarily from the wording of the provision itself and from the context both within the Part of the Regulations in which it appears and other related provisions elsewhere in the Regulations.(5) A reference in these Regulations to an Article or Part using a short form description of such Article or Part in parenthesis are for convenience only and the short form description shall not affect the construction of the Article or Part to which it relates.(6) A reference in these Regulations to a Part or Article by number only, and without further identification, is a reference to a Part or Article of that number in these Regulations.(7) A reference in an Article or other division of these Regulations to a paragraph, subparagraph or Article by number or letter only, and without further identification, is a reference to a paragraph, sub-paragraph or Article of that number or letter contained in the Article or other division of these Regulations in which that reference occurs.(8) Any reference in these Regulations to "include", "including", "in particular", "for example", "such as" or similar expressions shall be considered as being by way of illustration or emphasis only and are not to be construed as limiting the generality of any words preceding them.(9) Any reference in these regulations to profit and loss account includes a reference to the income statement of a
QFC Entitypreparing accounts under IFRS. Amended (as from 18th June 2014)
Article 153- Definitions
The following words and phrases shall, where the context permits, have the meanings shown against each of them—
51% Interest —(a) in relation to a
Company, a Personhas a 51% Interestin a QFC Entitythat is a Companyif more than 50% of the Ordinary Share Capitalof the QFC Entityis held, directly or indirectly, by that Person; and(b) in relation to an LLP, a Personhas a 51% interest in a QFC Entitythat is an LLPif that Personbeneficially owns more than (i) 50% of the LLPassets; or (ii) 50% of the income earning rights in the LLP.
Accounting Period — has the meaning given by Article 17.
Accounting Profit — has the meaning given by Article 15.
Approved QFC Entity — has the meaning given by Article 84(3).
Associated — has the meaning given by Article 56.
Authorisation — an authorisation granted by the
Regulatory Authorityunder Part 5 of the Financial Services Regulationsto carry on Regulated Activities.
Authorised Firm — a
Personthat has been granted, and continues to hold, an Authorisationin accordance with Part 5 of the Financial Services Regulations.
Chargeable Profits — has the meaning given by Article 11(2).
Charitable Loan Arrangement — any arrangement so far as it consists of a loan of money made by an individual to a
Charityeither (a) for no consideration, or (b) for a consideration which consists only of interest.
Charity — an entity established only for the purpose of the relief of poverty, the advancement of education or religion, the promotion of health or art, the protection of the environment or any other purposes which are beneficial to the general public.
Claimant Entity — has the meaning given by Article 32(1).
Company — any body corporate, but does not include any
Company Regulations 2005 — The QFC Regulations No.2 — Companies Regulations.
Concessionary Rate — has the meaning given by Article 90.
Concessionary Rate Charge — has the meaning given by Article 91(1).
Connected or Connected Persons — has the meaning given by Article 57(4). In addition, a
Companyor a Partnershipis connected with another Companyor Partnershipif the same Personhas Controlof both, or a Personhas Controlof one and Personsconnected with him, or he and Personsconnected with him, have Controlof the other.
Contract of Insurance — the specified product described in paragraph 10 of Part 3 of Schedule 3 of the
Financial Services Regulations.
Contract of Reinsurance — a
Contract of Insurancecovering all or part of a risk to which a Personis exposed under a Contract of Insurance.
Control — has the meaning given by Article 57.
Core Income Generating Activities — has the meaning set out in the rules provided for in the 2015 final report on BEPS Action 5 on Countering Harmful Tax Practices More Effectively, Taking into Account Transparency and Substance, or any later rules in substantially the same or equivalent terms.
Conventional Finance Transaction — any financial transaction that is not an
Islamic Finance Transaction.
Conventional Financial Institution — a
Financial Institutionthat is not an Islamic Financial Institution.
Director of Tax — the person appointed by the
QFC Authorityto be responsible for the day to day administration and operations of the Tax Department.
Disguised Member — a
Personwho performs services for an LLPand receives Remuneration.
Disguised Partner — a
Personwho performs services for a GP & LP Partnershipand receives Remuneration.
Distribution —(a) in relation to a
Company, any dividend paid by a Company, including a capital dividend, or anything distributed out of assets of a Companyin respect of shares and securities in the Company; or(b) in relation to a Partnership, any distribution of the profits of the Partnership.
Double Taxation Agreement — an agreement made between
Qatarand another country for the purposes of avoiding double taxation in relation to income tax, corporation tax or any other taxes of a similar nature.
Financial Institution — A
Personwho carries on, in any jurisdiction, the business of banking, deposit-taking, provision of credit facilities, factoring of debts, trading or dealing in investments whether as principal or as agent, insurance, reinsurance, asset management or any similar business or combination of such businesses. Provided that for the purposes of Article 10 a QFC Entitywhose activities in an Accounting Periodare wholly within the activities described at PIIB 1.3.4 (Category 4 activities) shall not be regarded as a Financial Institutionfor that Accounting Period.
Financial Services Regulations — QFC Regulations No. 2 — Financial Services Regulations.
GAAP — generally accepted accounting principles.
General Partnership — has the meaning given by Article 9 of the
Partnership Regulations 2007.
GP & LP Partnership — has the meaning given by Article 61.
Group — has the meaning given by Article 34.
Group Relief — has the meaning given by Article 32.
Holding Company — has the meaning given in the Special Company Regulations.
IFRS — International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board, including International Accounting Standards (IASs) issued by its predecessor, the Board of the International Accounting Standards Committee.
Initial Accounting Period — the first
Accounting Periodof a QFC Entityunder these Regulations.
Insolvency Regulations 2005 — The QFC Regulations No. 5 — Insolvency Regulations.
Insurance Business — is the business of conducting either or both of the following
Regulated Activities: (a) effecting Contracts of Insurance; (b) carrying out Contracts of Insurance.
Insurer — a
Personcarrying on either or both of the Regulated Activitiesof effecting a Contract of Insuranceor carrying out a Contract of Insurance, as defined in Part 2 of Schedule 3 of the Financial Services Regulations.
Intangible Fixed Asset — an identifiable non-monetary asset that is without physical substance and which is properly recognised in the relevant
Internal Intangible Fixed Asset — has the meaning given by Article 24(3).
Investment Manager — A QFC Entity that carries on one or more of the
Qualifying Investment Activities.
Islamic Finance Transaction — a financial transaction conducted in accordance with Shari'a.
Islamic Financial Business — the business of carrying on one or more
Regulated Activitiesin accordance with Shari'a.
Islamic Financial Institution — an
Authorised Firmwhose Authorisationincludes a condition that the whole of the firm's business must be conducted in accordance with Shari'a.
Islamic Window — the part of an
Authorised Firm'sbusiness conducted in accordance with Shari'a, where the Authorised Firmconducts a part (but not the whole) of its business in accordance with Shari'a.
Licensed Activity — the activities a
QFC Entityis permitted to carry on under the terms of its QFC Licence.
Limited Liability Partnership Regulations 2005 — The QFC Regulations No.7 — QFC Limited Liability Partnership Regulations.
Limited Partnership — has the meaning given by Article 9 of the
Partnership Regulations 2007.
LLC — a limited liability company incorporated under the Company Regulations 2005
LLP — has the meaning given by Article 64.
Market Value — the price an asset might reasonably be expected to fetch on a sale in the open market.
Member — unless the context requires otherwise, has the meaning given by Article 65(2)
Minister — the Minister of Economy and Finance.
Non-QFC Limited Liability Partnership — has the meaning given by Article 74 of the
Limited Liability Partnership Regulations 2005.
Non-QFC Partnership — has the meaning given by Article 95 of the
Partnership Regulations 2007.
Officer of the Tax Department — any
Tax Departmentemployee authorised by the Director of Taxto exercise duties, powers and functions under these Regulations.
Ordinary Share Capital — all the issued share capital of a
Companyother than capital which only gives a right to a fixed rate dividend.
Other Permitted Form of QFC Entity — an entity whose legal form is:(a) permitted under regulations made under the
QFC Lawor rules made by the Regulatory Authorityor QFC Authority; or(b) otherwise permitted under an approval, authority or licence (however described) given by the QFC Authorityunder the QFC Law.
Ownership — has the meaning of beneficial ownership.
Personsconsidered to be a partner under Article 7 of the Partnership Regulations 2007.
Partnership — any
GP & LP Partnershipand any LLP.
Partnership Regulations 2007 — QFC Regulations No. 13 — QFC Partnership Regulations.
Passive Interest Income — interest income derived by a
Personother than a Financial Institution.
Permanent Establishment — as defined by (i) the rules which, at the enactment of these Regulations, were contained in Article 5 of the Model Tax Convention on Income and on Capital published by the OECD, or (ii) any later rules in substantially the same or equivalent terms.
Person — includes a natural or legal person, body corporate or body unincorporate, including any
PIIB — QFC Investment and Banking Business Rules 2005.
Private Placement Scheme — has the meaning given by Article 83(3).
Qatar — the State of Qatar.
Qatari Nationals — individuals holding, or entitled to hold, a Qatari passport.
Qatari Owned QFC Entity — has the meaning given by Article 89.
QFC — the Qatar Financial Centre.
QFC Authority or QFCA — the Qatar Financial Centre Authority established pursuant to Article 3 of the
QFC Captive Insurer — has the meaning given in the QFC Captive Insurance Business Rules 2011.
QFC Entity — a body corporate,
Partnership, individual, unincorporated association, which has been granted, and continues to hold, a QFC Licence, or a trust registered with the QFCA.
QFC Law — Law No. (7) of 2005 of the State, as amended by Law No.(14) of 2009 of the
QFC Partnership —(a) a
GP & LP Partnershipincorporated or otherwise established under the Partnership Regulations 2007; or(b) a limited liability partnership incorporated or otherwise established under the Limited Liability Partnership Regulations 2005.
QFC Licence — a licence, approval or authorisation issued by the
QFCApursuant to Article 11.1 of the QFC Law.
QFC Scheme — has the meaning given by Article 83(2).
QR — Qatari Riyals.
Qualifying Investment Activity — have the meaning given by Article 88(5).
Registered Fund — has the meaning given by Article 83(1).
Regulated Activities — an activity that is a regulated activity under the Financial Services Regulations.
Regulatory Authority — the
Regulatory Authorityof the QFCestablished pursuant to Article 8 of the QFC Law.
Reimbursable Accounting Period — the Initial Accounting Period and the Succeeding Accounting Period.
Reimbursable Tax Loss — has the meaning given by Article 95.
Reinsurance Business — the business of entering into and managing
Contracts of Reinsurance.
Reinsurer — an
Insurerwhose business consists of, or includes, the carrying on of a Reinsurance Business.
Remuneration — means any remuneration, salary, bonus, income, compensation, emoluments or other amount paid to a
Person, which is a distribution of, based on, or otherwise calculated by reference to, the profits of a Partnership.
Representative — in relation to an LLC a person appointed under Article 60 of the
Company Regulations 2005(Secretary), in relation to an LLP a Designated Member, which shall be construed in accordance with Article 15 of the Limited Liability Partnership Regulations 2005(Designated Member), in relation to a Limited Partnership a General Partner, which shall be construed in accordance with Article 37 of the Partnership Regulations 2007, in relation to a branch a person appointed under Article 117(2)(A) of the Company Regulations 2005(Principal Representative), Article 45(2)(A) of the Limited Liability Partnership Regulations 2005(Principal Representative) or Article 75(2)(A) of the Partnership Regulations 2007, as applicable, and in relation to any other QFC Entityany person appointed under the relevant QFC lawto represent the QFC Entity.
Resident in Qatar — has the meaning given by Article 8.
Settlement — includes any disposition, trust, covenant, agreement, arrangement or transfer of assets, except that it does not include a
Charitable Loan Arrangement.
Settlor — in relation to a
Settlement, means any Personby whom the Settlementwas made.
Single Family — a family described in Article 8 of the
Single Family Office Regulations.
Single Family Office Regulations — The QFC Regulations No. 16 — QFC Single Family Office Regulations.
Special Company Regulations — The QFC Regulations No. 15 — QFC Special Company Regulations.
Special Purpose Company — has the meaning given in the Special Company Regulations.
State — the State of Qatar.
Succeeding Accounting Period — the
Accounting Periodof a QFC Entityimmediately succeeding the Initial Accounting Period.
Surrendering Entity — has the meaning given by Article 32(1).
Taxable Profits — has the meaning given by Article 11(1).
Tax Department — the division of the
QFC Authority, administered by the Director of Taxand responsible to the Director General, entrusted with the imposition, administration and collection of tax enacted under Article 17 of the QFC Law.
Tax Rules — rules made under Article 103.
The QFC Court — The Civil and Commercial Court of The Qatar Financial Centre established pursuant to
The Regulatory Tribunal — The Qatar Financial Centre Regulatory Tribunal established pursuant to
Trust Regulations 2007 — QFC Regulations No. 12 — QFC Trust Regulations.
UK GAAP — generally accepted accounting principles in the United Kingdom.
US GAAP — generally accepted accounting principles in the United States.
Amended (as from 16th June 2020)