UAE Initiates Digital public Consultation for Global Minimum Tax Implementation

Asma Ahmed - | UAE

The United Arab Emirates Ministry of Finance (MoF) has announced the beginning of a digital public consultation to learn how various groups feel about various tax issues, including the Global Anti-Base Erosion Model Rules (Pillar Two) (GloBE Rules) and the Global Minimum Tax (GMT).

The UAE Ministry of Finance (MoF) has initiated a digital public consultation aimed at soliciting input from relevant stakeholders regarding the adoption of the Global Minimum Tax (GMT) or Global Anti-Base Erosion Model Rules (Pillar Two), commonly known as GloBE Rules, as well as other tax-related matters. Scheduled to run from March 15 to April 10, this consultation can be accessed through the ministry's website or the UAE's Government Portal.

This digital public consultation underscores the ministry's commitment to engaging with various stakeholders, including multinational corporations operating in the UAE, advisors, service providers, and investors. It serves as a platform to gather diverse perspectives and insights on proposed policy frameworks.

The consultation process is structured into two main components. Firstly, stakeholders are invited to provide their feedback on potential policy design options for implementing the GloBE Rules in the UAE, with a focus on the establishment of a domestic minimum tax. The Organisation for Economic Co-operation and Development (OECD) has released GloBE Model Rules, serving as a blueprint for jurisdictions seeking to adopt qualified rules.

Secondly, stakeholders are encouraged to share their opinions on the introduction of substance-based incentives within the UAE, which would be integrated into the country's Corporate Tax regime. These incentives aim to enhance the substance and economic presence of businesses operating in the UAE.

To facilitate stakeholders' understanding of the proposed rules and ensure informed participation, the ministry has issued a comprehensive briefing document on the Global Minimum Tax alongside the consultation process. This document serves as a resource to provide clarity on the objectives and implications of the proposed measures, enabling stakeholders to offer informed feedback during the consultation period.

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