UAE joins “Inclusive Framework on BEPS”

The OECD today announced that the United Arab Emirates has become the 116th jurisdiction to join the Inclusive Framework on BEPS.

The framework is made up of countries that have pledged to adopt four minimum standards developed by OECD and G20 countries in 2015 that resulted from the Base Erosion Profit Shifting (BEPS) plan. The standards are designed to prevent tax avoidance by multinationals and improve cross-border tax dispute resolution.

By joining the framework, the UAE has pledged to end harmful tax practices and tax treaty abuse, implement a country-by-country reporting scheme for large MNEs, and improve cross-border tax dispute resolution procedures.