The UAE Ministry of Finance (MoF) has issued a statement supporting the Inclusive Framework on Base Erosion and Profit Shifting (BEPS) with regard to laying the building blocks (Pillar One and Pillar Two proposals) for a new global tax framework.
The MoF stated that the UAE's policies such as the implementation of economic substance and transparency rules have been carefully designed to support the country's fiscal needs and meet international requirements. The MoF added that the UAE approach has created a business-friendly environment affirming its global position as a stable and attractive place to facilitate global investment.
The UAE is one of the 132 member countries (out of 139) that have joined the consensus. These building blocks have also been endorsed by the G20 Finance Ministers meeting on 10 July 2021.
The statement was released on 26 July 2021 by M. Saeed Rashid Al Yateem, UAE MoF Assistant Under-Secretary of the Resource and Budget Sector.