UAE CbC Reporting
Compliance Services
UAE CbC Reporting
The Country by Country (CbC) Reporting is a crucial element of Action 13 under the Base Erosion and Profit Shifting (BEPS) initiative, spearheaded by the Organisation for Economic Co-operation and Development (OECD) and the G20 industrialized nations. This reporting mechanism aims to bridge the information gap between taxpayers and tax administrations, promoting transparency in global tax affairs.
Key Features of Our CbC Reporting Services:
CbC Reporting requires large Multinational Groups of Entities (MNEs) to submit a detailed report, breaking down the group's global revenue, profit before tax, accrued income tax, and other economic activity indicators for each jurisdiction in which the MNE operates.
The primary goal of CbC Reporting is to ensure that the economic value generated within an MNE group aligns with the allocation of profits and taxes paid across different jurisdictions.
In the UAE, CbC requirements apply to UAE-headquartered MNE groups with 'financial reporting years' commencing on or after January 1st, 2019. Consequently, for the financial reporting year starting on January 1st, 2019, the CbC report submission deadline is December 31st, 2020.
CbC Reporting is a vital tool in enhancing tax transparency and preventing profit shifting, ensuring a fairer and more equitable global tax system.
Trust our expertise in navigating the UAE CbC reporting process, ensuring a smooth and stress-free experience while you focus on what matters the most.