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MoF Launches Digital Public Consultation on Implementation of Global Minimum Tax in UAE

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Staff Writer, TLR

Published on March 18, 2024, 10:49:30

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minstry of Finance, global minimum tax, digital public consultation, uae

The UAE Ministry of Finance (MoF) announced the commencement of a digital public consultation aimed at gathering feedback from relevant stakeholders regarding the implementation of the Global Minimum Tax (GMT) or Global Anti-Base Erosion Model Rules (Pillar Two) (GloBE Rules), as well as other tax-related matters in the UAE.

The consultation period will run from March 15, 2024 to April 10, 2024, and interested parties can participate through the ministry’s website or the UAE Government Portal.

This digital public consultation underscores the ministry's commitment to engaging with all stakeholders, including multinational groups operating within the UAE, advisors, service providers, and investors.

The consultation process comprises two main components. Firstly, stakeholders will be invited to provide input on potential policy design options for the implementation of the GloBE Rules in the UAE, with a focus on the development of a domestic minimum tax.

The Organisation for Economic Co-operation and Development (OECD) has released the GloBE Model Rules, serving as a template for jurisdictions interested in adopting qualified rules.

Secondly, stakeholders' perspectives will be sought on the introduction of substance-based incentives within the UAE, which would be integrated into the UAE Corporate Tax regime.

To facilitate stakeholders' understanding of the rules and ensure well-informed feedback, the ministry has issued a briefing document on the Global Minimum Tax alongside the consultation materials.

The UAE Ministry of Finance encourages stakeholders to provide clear and concise comments, supported by examples, data, or other pertinent information. Responses must be submitted by April 10, 2024, via the ministry's website. All responses will be treated as confidential and will not be made public.

For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3004Follow The Law Reporters on WhatsApp Channels.

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