UAE, 8 January, 2025 : The Ministry of Finance hosted a ceremony in Abu Dhabi to honour its partners for their significant contributions to the Economic Substance Project. The initiative reflects the UAE's dedication to international tax transparency, fair taxation, and compliance with global standards.
The event was attended by senior officials, including His Excellency Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; His Excellency Khalid Ali Al Bustani, Director General of the Federal Tax Authority; and other high-ranking representatives from various sectors.
During the ceremony, the Ministry recognised key stakeholders, including regulatory bodies and free zones, for their collaborative efforts in advancing the project’s objectives. Entities such as the Federal Tax Authority, the Central Bank of the UAE, Abu Dhabi Global Market, and Dubai International Financial Centre were among those honoured for their role in establishing a robust framework for compliance.
In his address, His Excellency Younis Haji AlKhoori emphasized the UAE’s pioneering approach to economic substance regulations, aligning with international standards set by the OECD and the European Union. He highlighted the measures implemented to strengthen compliance, including detailed guidelines, a dedicated electronic reporting system, and extensive training resources made available to companies.
The Ministry also noted the abolition of economic substance reporting requirements for periods ending after 31 December 2022, following the introduction of the Federal Decree-Law on Corporate Tax. All reports for prior periods were thoroughly reviewed, further enhancing the UAE’s commitment to global transparency.
The establishment of the National Committee for Economic Substance has been instrumental in ensuring sound governance and improving compliance measures. His Excellency underscored how these efforts have elevated the UAE’s standing in annual evaluations conducted by international bodies like the OECD Forum on Harmful Tax Practices and the European Union.
Concluding the event, His Excellency expressed his gratitude to the Federal Tax Authority and all partners for their invaluable contributions, affirming that their collaboration has played a crucial role in achieving this national milestone and strengthening the UAE’s global reputation.
Source : www.mof.gov.ae
