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Abu Dhabi: Today, the Ministry of Finance (MoF) organised a workshop titled "Implementing Country-By-Country Reports (CbCR) legislation" at the Crowne Plaza Hotel, Yas Island, Abu Dhabi. The workshop sought to identify the main points around CbCR legislation, and clarify the private sector’s responsibilities in this area.
H.E. Younis Haji Al Khoori, Undersecretary of MoF, local government regulatory and supervisory authorities’ representatives, more than 200 participants from private sector multinational companies, as well as ministry employees attended the workshop.
H.E. Younis Haji Al Khoori stated that the main objective of CbC reports is to eliminate any gap in information between taxpayers and tax administrations with regards to information on economic value generation within the Multinational Groups of Entities (MNEs) and whether it matches profits and taxes on a global level. It also provides tax authorities with an overview of MNEs’ economic activities and financial results globally.
H.E. said: “CbC reporting is an important part of Action 13 of the Base Erosion and Profit Shifting (BEPS) initiative, where MNEs should provide a breakdown of their global revenue, profit before tax, income tax accrued and other indicators of economic activities for each jurisdiction in which they operate.”
During the workshop, H.E. reiterated that under Cabinet Resolution No. 32 issued on 30 April 2019, which sets to organise MNEs’ reports, states that CbCR requirements are applicable to ‘financial reporting years’ starting on, or after January 1st, 2019. Accordingly, for the financial reporting year starting on January 1st, 2019, the CbC report must be submitted latest by December 31st , 2020.
H.E. reviewed the objectives of the Base Erosion and Profit Shifting (BEPS) initiative led by the Organisation for Economic Co-operation and Development (OECD) and the Group of Twenty (G20) industrialised nations. The initiative seeks to prevent tax planning strategies, and close gaps in international taxation for companies that allegedly avoid taxation, or reduce tax burden in their home country, by engaging in tax inversions (moving operations) or by migrating intangibles to lower tax jurisdictions.
The UAE joined the BEPS Inclusive Framework and is committed to implementing the four minimum standards of the BEPS package set by the OECD and the G20.
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