The UAE Introduces CbC Reporting Requirements

According to recent reports, the United Arab Emirates Cabinet of Ministers has approved Resolution No. 32 of 2019, which provides for the implementation of Country-by-Country (CbC) reporting requirements. The requirement to submit a CbC report primarily applies for ultimate parent entities of MNE groups resident in the UAE that meet an annual consolidated group revenue threshold of AED 3.15 billion in the previous year. However, the requirement may also apply for non-parent constituent entiti…