GCC Tax Update: Bahrain and UAE joins Inclusive Framework on BEPS
Bahrain and UAE have become the 115th and 116th jurisdiction respectively to join the Inclusive Framework on BEPS.
By becoming a part of this Framework, the jurisdiction pledges to adopt four minimum standards under the BEPS Action Plan.
These minimum standards include countering harmful tax practices, preventing tax treaty abuse, implementing a country-by-country reporting scheme for large MNEs, and improving cross-border tax dispute resolution procedures.
One needs to wait and watch what changes will be made in the near future to adopt these standards.
Click here to know the entire list of jurisdictions that have become members of the Inclusive Framework on BEPS.
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