In line with its commitment to build a network of qualified tax experts, and to support cooperation between various global and regional organisations, the Ministry of Finance (MoF) currently organised a workshop on the implementation of economic substance regulations in accordance with Cabinet Resolution No. (31) of 2019 on Economic Substance Regulations at the Grand Hyatt in Dubai. The workshop was held in cooperation with the Organisation for Economic Cooperation and Development (OECD).
MoF officials, representatives from the relevant decision-making authorities in the country, and OECD officials from the Secretariat for the Forum on Harmful Tax Practices (FHTP) attended the workshop.
The workshop consist of presentations from FHTP representatives on the implementation of economic substance regulations, domestic reporting requirements, and on scoping the requirements for a Fully Equipped Monitoring Mechanism in line with international standards on various activity requirements throughout the regulatory authorities of the UAE. Furthermore, it identified relevant entities and activities, cases of non-compliance, high-risk IP cases, and compliance issues with outsourcing rules. The workshop also sought to teach and raise awareness among the relevant government entities and strengthen their ability to enforce significant activities requirements.
The UAE currently adopted numerous legislations to meet international standard on economic substance regulations in accordance with Cabinet Resolution No. (31) of 2019 on Economic Substance Regulations, such as business and industrial activities.