PRTDPlatinum Resistance Temperature Detector
PRTDPremier-Ranked Tourist Destination Project (Canada)
PRTDPortland Traction Company
PRTDPartially Reduced Tin Dioxide
PRTDPeak Rate of Tension Development (biomedicine)
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The PRTD already examines every transfer of shares in a limited liability company in Qatar where a foreign party is a transferee or transferor.
The current practice when seeking a request for tax clearance/consent to a sale of shares where a foreigner is a participant in the company is that generally the PRTD will seek confirmation that the taxpayer has filed all the tax returns until the last accounting period, together with confirmation from the auditors that the taxpayer will file a tax return for the next accounting period.
The result of these recent developments may be that the PRTD will now be looking to a non-resident entity to file a tax return and settle tax due on capital gains arising on the disposal of shares, before it will issue a tax clearance and/or stamp the Share Transfer.
At this stage the PRTD seems to be accepting the sale price set out in the transfer instrument itself as a legitimate valuation of shares being disposed.
Regarding contract notification requirements, it said entities in Qatar are required to notify the PRTD of any contracts they enter into with non-residents who do not have a permanent establishment in Qatar.
For contracts with residents or non-residents with a permanent establishment in Qatar the paying entity must notify the PRTD if the value of the contract exceeds specified thresholds, it said.
The PRTD will issue a tax card to taxpayers who are resident in Qatar and to non-residents who have a permanent establishment in Qatar.