The United Arab Emirates (UAE) has joined the Base Erosion, and Profit Shifting Inclusive Framework (BEPS IF) on the 16th of May 2018 and has taken significant steps to implement the BEPS minimum standards to emerge as an attractive and global hub for foreign direct investment.
What are the eligibility criteria?
The UAE CBCR rules shall apply to Multinational Entity (MNE) groups:
- With consolidated revenues of at least Arab Emirate Dirham (AED) 3.15 billion in the financial year immediately preceding the reporting period, based on the consolidated financial statements of that preceding year (i.e., FY18); and
- If the ultimate parent entity (UPE) of the MNE group is resident in the UAE; or
- If a UAE-resident constituent entity (CE) of the MNE group (with its UPE outside the UAE) is nominated, as the Alternate Parent Entity (APE);
- If the MNE group has a UAE-resident CE, which is neither the UPE nor an APE.
How We Can Help Your Company:
Alliott Hadi Shahid has an experienced staff and four decades of experience in the region. We update our team regularly with the new laws and regulations to ensure quality services. We will prepare the CBC Report in line with Organization for Economic Co-operation and Development (OECD) CBCR guidance and file CBCReport.