Cabinet Resolution No. 44 of 2020 amends Cabinet Resolution No. 32 of 2019 on country-by-country (CbC) reporting in the United Arab Emirates.
The CbC reporting requirements were introduced in 2019, and included rules for the submission of CbC reports by multinational enterprises (MNEs). Read TaxNewsFlash
Cabinet Resolution No. 44 of 2020 supersedes the 2019 resolution, and amends the definition of “reporting entity” to specify that the ultimate parent entity of an MNE group (tax resident in the UAE) is the only entity of the MNE group required to comply with CbC reporting obligations. Accordingly, with regard to:
Certain provisions from the 2019 resolution have not changed. For instance, provisions pertaining to applicable threshold, penalties, timelines, and information required under CbC reporting are consistent with the rules under the 2019 resolution.
Guidance is still pending concerning:
Read an August 2020 report prepared by the KPMG member firm in the UAE
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