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UAE joined OECDs new framework for international tax reform

OECD announced that 130 countries and jurisdictions joined its new two-pillar plan to reform international taxation, ensuring multinational enterprises pay tax wherever they operate.

Pillar One of the proposed framework would reallocate some taxing rights of multinationals enterprises from their home countries to the markets where they earn profits, regardless of physical presence.

Pillar Two will introduce a global minimum corporate  rate tax  at 15%.

United Arab Emirates, Saudi Arabia, Qatar and Bahrain are among the countries that joined the OECD initiative.

United Arab Emirates and Bahrain have no corporate income tax at present.

We expect the above initiative to impact corporate taxation in all four countries mentioned above, with the most possible introduction of  corporate income tax in United Arab Emirates and Bahrain being the most important change. 

Below you can find a link to OECD’s announcement.

https://www.oecd.org/newsroom/130-countries-and-jurisdictions-join-bold-new-framework-for-international-tax-reform.htm

UAE joined OECDs new framework for international tax reform

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OECD announced that 130 countries and jurisdictions joined its new two-pillar plan to reform international taxation, ensuring multinational enterprises pay tax wherever they operate.

Pillar One of the proposed framework would reallocate some taxing rights of multinationals enterprises from their home countries to the markets where they earn profits, regardless of physical presence.

Pillar Two will introduce a global minimum corporate  rate tax  at 15%.

United Arab Emirates, Saudi Arabia, Qatar and Bahrain are among the countries that joined the OECD initiative.

United Arab Emirates and Bahrain have no corporate income tax at present.

We expect the above initiative to impact corporate taxation in all four countries mentioned above, with the most possible introduction of  corporate income tax in United Arab Emirates and Bahrain being the most important change. 

Below you can find a link to OECD’s announcement.

https://www.oecd.org/newsroom/130-countries-and-jurisdictions-join-bold-new-framework-for-international-tax-reform.htm

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