The UAE Council of Minsters has issued decision 44/2020 cancelling and replacing decision 32/2019 on the regulation of reports submitted by multinational companies and country-by-country (CbC) reporting.
The decision provides that only the ultimate parent company that is tax resident in the United Arab Emirates is required to file the CbC report with the Ministry of Finance. Previously, this obligation could be fulfilled by the surrogate parent company if the ultimate parent company was not tax resident in the United Arab Emirates.
Consequently, only the ultimate parent company that is tax resident in the United Arab Emirates has the obligation to notify the Ministry of Finance of its status of ultimate parent company no later than the last day of the reporting period.