CbCR notification

Notification deadline of 31st Dec 2019

Note: Reporting obligations of the surrogate parent entity (SPE) also should be considered.

Penalties for non-compliance

• 1).
• Failure to file CbC report / CbCR notification in time –administrative fine of AED 1,000,000 (plus AED 10,000 for each day of failure up to a maximum of AED 250,000)

• 2).
• Failure to provide full and accurate information in the CbC report / CbCR notification –administrative fine of no less than AED 50,000 and not exceeding AED 500,000 is applicable

• 3).
• Failure to maintain information and documentation for 5 years –AED 100,000

• 4).
• Failure to provide any other information requested –AED 100,000

This document is only for information purposes and should not be construed as advice. It does not necessarily cover each aspect of the topic with which it deals. You should not act upon the contents of this document without receiving formal advice on your particular circumstances.

If you would like to discuss any tax-related matters, please drop us an email at info@premier-brains.com or call us at + 971 4 3542959.

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