UAE Launches Digital Public Consultation On Implementation Of Global Minimum Tax
Date
8/18/2024 12:16:58 AM
(MENAFN- Khaleej Times)
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. The consultation will be open from March 15 to April 10, 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.
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