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Dubai [UAE], March 15 (ANI/WAM): The UAE Ministry of Finance (MoF) announced the launch of a digital public consultation to gather the views of relevant stakeholders on the implementation of the Global Minimum Tax (GMT) or Global Anti-Base Erosion Model Rules (Pillar Two) (GloBE Rules) as well as other tax matters in the UAE.
The consultation will be open from 15th March 2024 to 10th April 2024, and accessible via the Ministry's website or the UAE's Government Portal. The digital public consultation reflects the Ministry's belief in the importance of consulting with all stakeholders including the multinational groups operating in the UAE, advisors, service providers, and investors. The consultation is split into two parts - the first, is to gather the views of stakeholders concerning the potential policy design options for the implementation of the GloBE Rules in the UAE, in particular the development of a domestic minimum tax. The Organisation for Economic Co-operation and Development (OECD) has published the GloBE Model Rules that serve as the model legislation for jurisdictions wishing to implement qualified rules. The second part of the consultation is to understand stakeholders' views on the introduction of substance-based incentives to be applied in the UAE, which would form part of the UAE Corporate Tax regime. To familiarise stakeholders with the rules and to ensure informed feedback is received, the Ministry has issued a Global Minimum Tax briefing document alongside the consultation. The UAE Ministry of Finance welcomes clear and concise comments with, where possible, examples, data, or other information to support views being put forward in the response to this consultation. The responses must be received by 10th April 2024 via its website (link here), and will remain confidential and will not be published. (ANI/WAM)
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