Article 153- Definitions
The following words and phrases shall, where the context permits, have the meanings shown against each of them—
51% Interest —
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
Authorised Firm — a
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
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
Contract of Insurance — the specified product described in paragraph 10 of Part 3 of Schedule 3 of the
Contract of Reinsurance — a
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
Conventional Financial Institution — a
Director of Tax — the person appointed by the
Disguised Member — a
Disguised Partner — a
Double Taxation Agreement — an agreement made between
Financial Institution — A
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
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
Insolvency Regulations 2005 — The QFC Regulations No. 5 — Insolvency Regulations.
Insurance Business — is the business of conducting either or both of the following
Insurer — a
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
Islamic Finance Transaction — a financial transaction conducted in accordance with Shari'a.
Islamic Financial Business — the business of carrying on one or more
Islamic Financial Institution — an
Islamic Window — the part of an
Licensed Activity — the activities a
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
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
Non-QFC Partnership — has the meaning given by Article 95 of the
Officer of the Tax Department — any
Ordinary Share Capital — all the issued share capital of a
Other Permitted Form of QFC Entity — an entity whose legal form is:
Ownership — has the meaning of beneficial ownership.
Partnership — any
Partnership Regulations 2007 — QFC Regulations No. 13 — QFC Partnership Regulations.
Passive Interest Income — interest income derived by a
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,
QFC Law — Law No. (7) of 2005 of the State, as amended by Law No.(14) of 2009 of the
QFC Partnership —
QFC Licence — a licence, approval or authorisation issued by the
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
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
Reinsurer — an
Remuneration — means any remuneration, salary, bonus, income, compensation, emoluments or other amount paid to a
Representative — in relation to an LLC a person appointed under Article 60 of the
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
Settlor — in relation to a
Single Family — a family described in Article 8 of the
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
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
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)|