Friday 19 July 2024

UAE joins the Inclusive Framework on BEPS

DUBAI, May 20, 2018

The UAE has joined the Inclusive Framework on the Base Erosion and Profit Shifting (BEPS) program in line with its commitment to the OECD initiative to become the 116th jurisdiction to join this framework.

This announcement came as a result of efforts made by the Ministry of Finance (MoF) in cooperation with relevant entities in federal and local government to implement the best international standards to reduce tax erosion and work more closely with international peer groups.

In this regard, OECD commended the concrete steps taken by the nation to implement the inclusive framework of the BEPS package, recently published on their website, reflecting the UAE's commitment to international requirements and standards.

The Inclusive Framework was established in January 2016. The OECD and G20 leaders were assigned to develop a more inclusive framework with the involvement of interested non-G20 countries and jurisdictions, including developing economies.

Younis Haji Al Khoori, Undersecretary of MoF, said: "The joining of the UAE to the Inclusive Framework of BEPS is a new recognition of the UAE's pioneering role in building a sophisticated and efficient tax network."

"The UAE will further strengthen its efforts to work with its counterparts in the European Union and OECD member states to ensure that international standards for base erosion and profit sharing are implemented, as well as develop further standards to address issues. Being part of the IF, UAE commits to implementing the minimum standards and coordinating with experts from the organisation to amend and review tax agreements concluded by the country, to meet the minimum requirements,” he added. – TradeArabia News Service

Tags: UAE | OECD | BEPS |

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