The Global Minimum Tax (GMT) or Global Anti-Base Erosion Model Rules (Pillar Two) (GloBE Rules) and other tax matters are being implemented. The UAE Ministry of Finance (MoF) has announced the opening of a digital public consultation to get the opinions of pertinent stakeholders. The consultation can be accessed through the UAE Government Portal or the ministry’s website between March 15 and April 10.
The ministry’s view that it is critical to communicate with all relevant parties—including investors, consultants, service providers, and global corporations doing business in the United Arab Emirates—is reflected in the digital public consultation.
There are two phases to the consultation. The first is to get input from stakeholders on possible policy design alternatives for the GloBE Rules’ implementation in the United Arab Emirates, specifically the creation of a domestic minimum tax. The GloBE Model Rules, which are issued by the Organisation for Economic Co-operation and Development (OECD), provide as model laws for countries looking to enact qualified regulations.
Finding out what stakeholders think about the introduction of substance-based incentives to be used in the UAE—as part of the UAE Corporate Tax regime—is the second goal of the consultation.
In conjunction with the consultation, the ministry has released a briefing sheet on the Global Minimum Tax to acquaint stakeholders with the regulations and guarantee that they provide thoughtful input.
