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The Ministry of Finance (MOF) of the United Arab Emirates (UAE) collaborated with the Organization for Economic Cooperation and Development (OECD) to host a Regional Forum on the Global Minimum Tax (i.e. Pillar Two) in Dubai on 12 September 2023. During the Regional Forum the MOF announced that the UAE will not implement Pillar Two rules before 2025.
The MOF also announced that a public consultation on Pillar Two will be conducted in the first half of 2024 in order to discuss the relevant rules and analyze the impact on UAE taxpayers.
Conclusion
In light of the dynamic discussions and announcements made at the Regional Forum in Dubai, the postponement of the Global Minimum Tax by the UAE until at least 2025 signals a strategic pause by the country.
This deferral showcases the UAE’s commitment to fostering thorough dialogue and reflection on the implications and frameworks surrounding Pillar Two.
By initiating a comprehensive public consultation in the first half of 2024, the UAE Ministry of Finance is not only prioritizing in-depth analysis and review of the associated rules but is also providing a pivotal platform for stakeholders and taxpayers to voice their perspectives and concerns.
This approach underscores the UAE’s dedication to balancing international compliance with the sustenance of its economic landscape, ultimately aiming for a well-rounded and informed implementation of the new tax frameworks.
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