The UAE has newly joined the OECD’s Inclusive Framework on base erosion and profit shifting (BEPS).
The Inclusive Framework on BEPS allows interested countries and jurisdictions to work with the OECD and Group of Twenty nations on monitoring the implementation of the BEPS proposals.
As a member of the Inclusive Framework on BEPS, the UAE will monitor implementation of the following four BEPS minimum standards: countering harmful practices (BEPS Action 5), preventing treaty abuse (BEPS Action 6), transfer pricing documentation and country-by-country reporting (BEPS Action 13), and improving dispute resolution mechanisms (BEPS Action 14).
As on June 1, 2018, a total of 116 countries and territories have joined the Inclusive Framework on BEPS.
Younis Haji Al Khoori, Undersecretary of the UAE Ministry of Finance, 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 BEPS are implemented, as well as develop further standards to address issues.”
“Being part of the Inclusive Framework, the UAE commits to implementing the minimum standards and coordinating with experts from the OECD to amend and review tax agreements concluded by the country, to meet the minimum requirements,” he added.