New UAE Transfer Pricing Guide

On October 23, the UAE Ministry of Finance published the Transfer Pricing (TP”) Guide (TP). TP rules themselves were introduced in the UAE through Federal Law No. 47 in 2022 and will apply for tax periods beginning after June 1, 2023.

The Guide mainly follows the provisions of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations and apply the main international practice. At the same time, certain provisions within the Guide relate to the local specifics of TP requirements in the UAE.