MoF Organizes a Seminar on CBCR Reporting, Economic Substance Regulations and Taxation in a Digital World

The Ministry of Finance (MoF), in cooperation with the Organisation for Economic Cooperation and Development (OECD), organised a seminar on Country-by-Country Reporting (CbCR), Economic Substance Regulations and taxation in the digital world. The seminar, which is taking place from December 16 to 18, at the Pullman Dubai Creek City Centre in, aims to discuss a number of major developments related to international taxes.

Representatives of government entities and negotiation experts from countries in the MENA region will participate in the seminar, in addition to a number of commercial and consulting companies, as well as a number of ministry employees, senior officials and managers.

His Excellency Younis Haji Al Khoori, undersecretary of MoF stressed the UAE’s commitment to international standards for tax transparency and fair taxes, and its commitment to implementing the OECD standards as well. H.E. said: “The Ministry of Finance is keen on enhancing cooperation and coordination frameworks with the OECD in taxation, which has mainly become a top priority for the international community to address tax evasion. It will also continue its efforts to enhance the UAE’s position as a leading training centre in the MENA region in exchanging information and building a network of qualified tax expertise.”

The first part of the conference discusses the latest developments related to the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which addresses the tax challenges of digitization in the economy, and the recommendations submitted for consultation during October and November of this year. This includes following up on the discussions that took place in the previous seminars in both 2017 and 2018, in addition to considering the progress made within the program of the inclusive framework adopted in June 2019.

The second part of the conference will address the implementation of Actions 5 and 13 of the BEPS inclusive framework. Within the framework of enhancing transparency, the discussion of Action 13 will focus on the implementation of the CbCR reporting and its impact on tax administrations, taxpayers and their advisors. As for the discussion on Action 5, it will focus on the requirements of the economic content in relation to preferential regulations and tax specialties, and on the progress made by members of the comprehensive framework in implementing this standard.

MoF has extended the MoU signed between the UAE and the OECD for an additional three years (2019-2021), which encourages joint cooperation in the field of developing an understanding of the practical application of international tax principles for tax agreements.