Articles March 08, 2020

UAE introduces Country-by-Country (“CbC”) Reporting Rules

The new UAE CbC rules are confirmed to be effective for financial reporting years starting on or after 1 January 2019 after the regulation was published in the UAE Official Gazette.

Under the recently-implemented rules, an entity located in the UAE is required to file a CbC notification and/or a CbC report in the UAE if it is a member of a multinational group that had a least AED 3.15 billion in consolidated group revenue in the preceding fiscal year.

Generally, if the parent company headquartered outside the UAE is filing the CbC report in its home jurisdiction within the OECD Base Erosion and Profit Shifting (“BEPS”) project, then the UAE entities, will only be required to submit a notification to the UAE Ministry of Finance that its parent company is making the CbC filing.

Subsidiaries in the UAE that are part of a qualified multinational group and which is a UAE tax resident will need to submit a CbC notification before the last day of the financial year (and submit the first CbC report 12 months after the last day of the fiscal year end, if applicable).

The information will need to be submitted to the UAE MOF which will then remit this data with other countries in the OECD BEPS.

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