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Dubai: The Ministry of Finance (MoF) announced that it has started to receive CbCR notifications, through the CbCR notification system. This is in accordance with Cabinet Resolution No. 32 of 2019 regarding Country-by-Country Reporting (CbCR) in the United Arab Emirates. The purpose of CbC Reporting is to eliminate any gaps in information between the taxpayers and tax administrations about where the economic value is generated within the Multinational Groups of Entities (MNEs) and whether it aligns with where profits are allocated and taxes are paid globally.
H.E. Younis Haji Al Khoury, Undersecretary of MoF, stressed the need to register with the CbCR notifications system before the deadline of 31 December, 2019 prior to the end of the current fiscal year on 31 December, 2019.
H.E. said: “CbC Reporting is part of Action 13 of the Base Erosion and Profit Shifting (BEPS) initiative led by the Organization for Economic Co-operation and Development (OECD) and the Group of Twenty (G20) industrialized nations. MNEs are required to file a CbC Report that should provide a breakdown of the Multinational Group’s global revenue, profit before tax, accrued income tax and certain other indicators of economic activities for each jurisdiction in which the MNE operates.”
According to the Resolution, CbCR requirements are applicable to ‘financial reporting years’ starting on or after 1 January, 2019. Accordingly, for the financial reporting year starting on 1 January, 2019, the CbC report must be submitted latest by 31 December, 2020.
Registration with CbCR notification system can be done via the following link: https://notify.mof.gov.ae/SelfService/submission/submit/MOF_CbCR
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For more information, please contact:
Mary Khamasmieh
Weber Shandwick
M: +971 50 2731 753
E: mkhamasmieh@webershandwick.com
Rawad Khattar
Weber Shandwick
M: +971 56 336 2131
E: RKhattar@webershandwick.com
Evita Karam
Weber Shandwick
M: +971 50 412 0310
E: EKaram@webershandwick.com
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