Country-by-Country Reporting in UAE

As per Cabinet Resolution No 44 of 2020, the CbCR requirements in UAE will be applicable when the following two conditions are met: 

• Your entity if the Ultimate Parent Company of the MNE Group in UAE
• The consolidated revenue of the MNE Group is equal to or more than AED 3.15 billion in the preceding financial year

CbCR Notification

The Ultimate Parent Entity of the MNE Group in the UAE shall notify the competent authority that it is the reporting entity, no later than the last day of the Group’s reporting fiscal year.

Penalty

Failure to do so shall subject the Ultimate Parent Entity to an administrative penalty of AED 1,000,000, and additional penalty of AED 10,000 per day for which the failure continues (maximum up to AED 250,000).

CbC Reporting

The Ultimate Parent Entity of the MNE Group in the UAE should submit the CbC Reporting to the Ministry of Finance (“MOF”) within 12 months from the end of the financial year.