Country By Country Report

CbCR compliances

The Ministry of Finance, UAE had introduced CbCR regulations for UAE tax-resident entities forming part of large multinationals (MNE), operating in at least 2 jurisdictions and with group revenues equal to or more than AED 3.15 billion during the preceding financial year, who are headquartered in the UAE, to comply with the CbCR regulations, The Cabinet Resolution No. 44 of 2020 issued by the Ministry of Finance clarifies that only the Ultimate.

Parent Entity (‘UPE’) of affected MNEs would need to undertake CbCR related compliances in the UAE. Such compliances would include.

(i) the CbCR notification, to be filed before the end of the financial year; and
(ii) the CbCR report, to be filed within 12 months from the end of the financial year

UAE headquartered MNE large groups:

  •  CbC notification: The CbC notification should be filed by, no later than the last day of the reporting period, ie the last date of the reporting year.
  •  CbC Report: MNE groups with total consolidated revenues greater than AED 3.15 billion will have to submit their CbC report to the Ministry of Finance by no later than twelve months after the last day of the reporting Fiscal year of the MNE Group.
  • Penalties: Administrative penalties in the UAE ranges from AED 10,000 – AED 1 million for any non-compliance with the Cabinet Resolution.

No action required for Non-UAE headquartered Groups.

If you need further guidance in respect of CbCR compliance, please contact our experts.

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      Corporate tax Taxable income Tax deductions Tax credits Double taxation Taxable profits Tax planning Transfer pricing Dividend taxation Capital gains tax Thin capitalization Depreciation allowances Audit Financial statements Internal controls Compliance Risk assessment Taxation Income tax Tax returns Tax deductions Tax credits Tax planning Tax liabilities Tax audits Tax compliance Tax regulations Tax law Tax codes Tax exemptions Taxable income Tax implications
      Corporate tax Taxable income Tax deductions Tax credits Double taxation Taxable profits Tax planning Transfer pricing Dividend taxation Capital gains tax Thin capitalization Depreciation allowances Audit Financial statements Internal controls Compliance Risk assessment Taxation Income tax Tax returns Tax deductions Tax credits Tax planning Tax liabilities Tax audits Tax compliance Tax regulations Tax law Tax codes Tax exemptions Taxable income Tax implications
      Corporate tax Taxable income Tax deductions Tax credits Double taxation Taxable profits Tax planning Transfer pricing Dividend taxation Capital gains tax Thin capitalization Depreciation allowances Audit Financial statements Internal controls Compliance Risk assessment Taxation Income tax Tax returns Tax deductions Tax credits Tax planning Tax liabilities Tax audits Tax compliance Tax regulations Tax law Tax codes Tax exemptions Taxable income Tax implications
      Corporate tax Taxable income Tax deductions Tax credits Double taxation Taxable profits Tax planning Transfer pricing Dividend taxation Capital gains tax Thin capitalization Depreciation allowances Audit Financial statements Internal controls Compliance Risk assessment Taxation Income tax Tax returns Tax deductions Tax credits Tax planning Tax liabilities Tax audits Tax compliance Tax regulations Tax law Tax codes Tax exemptions Taxable income Tax implications
      Corporate tax Taxable income Tax deductions Tax credits Double taxation Taxable profits Tax planning Transfer pricing Dividend taxation Capital gains tax Thin capitalization Depreciation allowances Audit Financial statements Internal controls Compliance Risk assessment Taxation Income tax Tax returns Tax deductions Tax credits Tax planning Tax liabilities Tax audits Tax compliance Tax regulations Tax law Tax codes Tax exemptions Taxable income Tax implications

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