Understanding UAE’s Country-by-Country Reporting (CbCR) Regulations
Introduction: Cabinet Resolution No. 44/2020, which replaced Resolution No. 32 of 2019 has recently updated the regulations for multinational enterprises (MNEs) that are carrying out the business operations in the United Arab Emirates. This resolution contains the information why there is the need of MNEs to organize their reports meticulously, with a solid consideration on their obligations for Country-by-Country Reporting (CbCR). The purpose of country-by-country reporting: The goal of Country-by-Country Reporting (CbC) is to close any information gaps between tax authorities and taxpayers on the location of economic value creation inside MNE groups and whether they correspond with gains and…