According to recent reports, the United Arab Emirates Cabinet of Ministers has approved Resolution No. 44 of 2020, which revises and replaces Resolution No. 32 of 2019 on the implementation of Country-by-Country (CbC) reporting requirements.
The main change with Resolution No. 44 is that the requirement to submit a CbC report in the UAE only applies for ultimate parent entities of MNE groups resident in the UAE. The change formalizes the approach and guidance already adopted by the Ministry of Finance. Resolution No. 44 also reportedly limits CbC notification requirements to ultimate parent entities resident in the UAE.
Further details of the changes will be published once available.
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