In 2019, UAE introduced country-by-country reporting for financial years commencing on or after 1st January 2019. CbCR requirements are applicable to the UAE-headquartered MNE Groups with ‘financial reporting years’ starting on or after January 1st, 2019, with consolidated revenues equal to or exceeding UAE Dirhams AED 3.15 billion (approx. EUR 764 million or USD 858 million) in the preceding financial year will be required to either file or notify to Competent authority in UAE (Ministry of Finance). The CbC report must be submitted within 12 months of the end of the reporting period.
The content and format of the CbC report is in line with the Organization for Economic Co-operation and Development (OECD) CbCR guidelines. This CbC reports will be necessary once the global minimum tax is introduced. M&M provides CbCR services in Dubai, UAE and can assist businesses falling under this category.