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Thursday, April 18, 2024

UAE and OECD Co-Host Global Minimum Tax Forum

The UAE Ministry of Finance, in collaboration with the OECD, hosted the Pillar Two Regional Forum on Wednesday, focusing on the Global Minimum Tax and the Global Anti-Base Erosion Rules (GloBE).

This event underscores the UAE’s commitment to international taxation standards. The forum was inaugurated by Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and attended by prominent officials including Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, Khalid Ali Al Bustani, Director General of the Federal Tax Authority, Mariam Al Amiri, Assistant Undersecretary for the Financial Management Sector at the Ministry of Finance, Achim Pross, Deputy Director of the OECD’s Centre for Tax Policy and Administration (CTPA), Shabana Begum, Executive Director of the Tax Policy Sector at the Ministry of Finance, as well as tax authorities from the region and representatives from both the public and private sectors.The Ministry of Finance today hosted in Dubai the second forum on Pillar Two or the Global Minimum Tax of Base Erosion and Profit Shifting (BEPS) Project and the Global Anti-Base Erosion Rules (GloBE), as a part of the UAE\\u2019s commitment to international standards around taxation. Image courtesy: Ministry of Finance

Minister Al Hussaini emphasized the UAE’s commitment to transparency, compliance with international standards, and its role in addressing tax base erosion and profit shifting. He noted the introduction of a federal corporate tax rate of 9 percent in the UAE on June 1, 2023, and highlighted the significance of the global minimum tax in fostering international cooperation for a robust tax ecosystem.

The forum aimed to provide insights into the latest developments in GloBE rules, implementation strategies, and their implications for businesses in the region. It also discussed administrative adjustments necessary for rule implementation.

Al Hussaini emphasized the UAE’s goal of enhancing its tax policies and fostering cooperation with international organizations like the OECD. He highlighted the success of prior collaborations in developing fiscal policies across the MENA region.

The sessions included expert discussions on various aspects of GloBE rules, top-up taxes, impact assessments, and legal frameworks. Experts from diverse sectors, including finance, taxation, and government, contributed to the forum’s discussions.

The forum also included a workshop on Pillar 2 of the OECD-led Base Erosion and Profit Shifting Project, which focuses on establishing a global minimum corporate tax rate of 15 percent.

At the conclusion of the workshop, Al Khouri expressed gratitude to the OECD’s technical experts, regional counterparts, and participants for their valuable contributions to the discussions. He emphasized the importance of cooperation with the OECD in building a strong tax partnership for the MENA region through the exchange of expertise and information sharing for tax purposes.

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