UAE's Ministry of Finance Introduces Digital Public Consultation for Implementing Global Minimum Tax

UAE’s Ministry of Finance Introduces Digital Public Consultation for Implementing Global Minimum Tax

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UAE’s Ministry of Finance Introduces a Digital Public Consultation for Implementing Global Minimum Tax 

The Ministry of Finance in the United Arab Emirates made a statement about the establishment of a digital public consultation. The main purpose of the consultation is to gather feedback on the enforcement of Global Minimum Tax (GMT) or the Global Anti-Base Erosion Model Rules (Pillar 2) (GloBE Rules). In addition, various other topics related to tax in UAE are also involved in this consultation. The consultation period will begin on March 15, 2024, and end on April 10, 2024. The consultation can be easily accessed by the stakeholders through the UAE’s Government Portal or Ministry’s website. 

The Ministry believes in the importance of engaging with every stakeholder, such as multinational groups that are operating in the UAE, service providers, advisors, and investors, through digital public consultation. 

The consultation includes 2 parts. The 1st part targets to assemble feedback from stakeholders about the different policy design options for implementing the GloBE Rules in UAE. Specifically, it is asking for feedback on creating a minimum tax within the country. The OECD has shared the GloBE Model Rules, which can assist countries that want to make similar rules. 

The consultation’s 2nd part aims to gather the opinions of stakeholders on introducing incentives based on substance for incorporation into the United Arab Emirates Corporate Tax framework. 

The Ministry has released a detailed briefing document on the Global Minimum Tax. This goes along with the consultation process to ensure stakeholders are informed and provide feedback.

The United Arab Emirates Ministry of Finance is interested in your thoughts in simple, clear language. If possible, include data, examples, or any helpful information to explain your ideas. Responses must be submitted by April 10, 2024, through the ministry’s website. Your feedback will be kept confidential and won’t be shared or published. 

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