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Untd A Emirates

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UAE Publishes CbC Reporting Guidance on Preparation and Submission of Filings

United Arab Emirates Ministry of Finance has updated its Country-by-Country (CbC) Reporting webpage with the publication of new guidance on the preparation and submission of CbC filings. This includes that CbC reports and CbC notifications should be submitted on the new CbCR portal https://cbcrportal.mof.gov.ae/. The login details to the portal can be obtained by the applicable MNE Groups after following an enrolment process. Once the enrollment process is complete, the authorized users may log in and submit the required filings.

With respect to CbC notifications, it is noted that notifications submitted on the existing notification system will need to be resubmitted on the new CbCR portal. However, based on the updated UAE CbC reporting legislation, the notification needs to be submitted only by the ultimate parent entity (UPE) of UAE headquartered MNE Groups. In view of this, the notification on the new portal includes only the information about the UPE and not about the other constituent entities of the MNE Group in the UAE. It is also noted that the due date for filing the notification is on or before the last day of the fiscal year. Hence, in addition to the re-submission of the previous year notification submitted on the existing notification system, annual notification for the current year should also be submitted.

Once the notification is submitted, the CbC Report can be filed. The filing should be in an 'XML' format compliant with the OECD XML Schema 2.0. Further information on the OECD XML Schema 2.0 (user guide and template schema file) can be obtained from the OECD website http://www.oecd.org/ctp/country-by-country-reporting-xml-schema-user-guide-for-tax-administrations.htm. Once the CbC report is filed, the UAE Ministry of Finance will share the CbC reports through the Common Transmission System with the corresponding competent authorities of jurisdictions with which UAE has CbC exchange relationships.

Further to the new guidance document, a video guide on using the new CbC reporting portal is also provided on the CbC Reporting webpage.

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