The United Arab Emirates (UAE) is requiring certain entities to notify the Ministry of Finance (MOF) of their obligation to submit Country-by-Country Reports (CbCRs). A CbCR provides a breakdown of the global revenue, profit before tax, income tax accrued, and other indicators of economic activities for each jurisdiction in which a Multi-National Entity (MNE) Group operates.
An entity which meets all of the following criteria must notify the MOF on this site:
- The entity is resident in the UAE,
- The entity is a part of an MNE Group, and
- The MNE Group has total consolidated revenues equal to or exceeding AED 3.15 billion.
The above notification has to be made by the last day of the MNE Group’s financial year (i.e. if the Group follows a calendar year, then the MOF must be notified by 31 December 2019). The notification covers several sections requesting details of the MNE Group.
The actual submission of the CbCR is due within 12 months after the reporting year of the MNE Group (i.e. following the same example above, if the Group follows a calendar year, then the CbCR is due before 31 December 2020 and covers the period 1 January to 31 December 2019. However the notification has to be made by 31 December 2019).
Please note, a local UAE entity meeting the above criteria must notify the MOF, but may not necessarily be the entity required to submit the CbCR.