MoF launches MNEs notification system

ABU DHABI / WAM

In line with its commitment to adopt the best digital solutions in government work, the Ministry of Finance (MoF) announced the launch of the ‘MNEs Notification and Reporting System’, in accordance with UAE’s Cabinet Resolution no. 44 of 2020 to organise the reports submitted by the multinational’s companies (MNEs).
Younis Haji Al Khoori, Undersecretary of MoF, noted the importance of launching this system, as it is a core element of the Base Erosion and Profit Shifting, BEPS,’s Action 13. The system enables big Multinational Groups to submit their Country-by-Country Reporting, CbCR, separately and in an easier way, while providing a breakdown of the Multinational Group’s global revenue, profit, accrued income tax and other financial indices for each country in which MNE group operates.
Al Khoori said: “Exchanging information between taxpayers and tax authorities with regards to where MNEs’ economic value is generated, where their profits are transferred, and where those profits’ taxes are paid globally, required greater efforts so as to lessen the gap in the lack of information exchanged. CbCR reporting became a prerequisite to strengthen the exchange of information and provide tax authorities with an overview of MNEs’ economic activities and their global financial results.”