Article 12 - Currency of Tax Calculation
Chargeable Profits of a QFC Entity shall be calculated in the currency of its accounts.
(2) Where the currency of the accounts of a
QFC Entity is not Qatari Riyals the Chargeable Profits shall, subject to Article 12(3), be converted into Qatari Riyals at the closing exchange rate applying on the last day of the Accounting Period in which the Chargeable Profits arose.
QFC Entity may elect to use, for the purposes of converting Chargeable Profits into Qatari Riyals, the average exchange rate applying for the Accounting Period in which the Chargeable Profits being converted arose.
(4) An election under Article 12(3) shall be made in writing to the
Tax Department within 6 months of the end of the Accounting Period to which it is to first apply and, once made, shall apply to all subsequent Accounting Periods.
(5) This Article applies to the calculation of tax losses in the same way as it applies to the calculation of