cBrain has been informed that the UAE Ministry of Finance has nominated cBrain’s ESR solution (Economic Substance Regulations) for the global WSIS Prize 2021. cBrain views this as an acknowledgement of our work and is particularly pleased that the nomination supports the company’s CSR strategy and continued work with the UN’s 17 Sustainable Development Goals (SDGs).
WSIS stands for “World Summit on the Information Society” and is a global platform, sponsored by the United Nations. In 2015, the United Nations General Assembly decided that WSIS should function as a platform with the goal of utilizing information technology to further the implementation of the 17 SDGs.
The annual WSIS is one of the world’s largest scale conferences concerning information technology, and every year a series of prizes are bestowed. The prizes are awarded as an international recognition of the projects which support the implementation of WSIS goals, in particular initiatives that support the implementation of the 17 SDGs.
In autumn 2020, cBrain entered into an agreement with the UAE Ministry of Finance to deliver a new IT system, based on F2, with the goal of supporting Economic Substance Regulations (ESR). ESR is part of the OECD’s framework project BEPS (Base Erosion Profit Shifting), which aims to prevent tax evasion, such as multinational companies moving their earnings across national borders to avoid high-tax jurisdictions. More than 100 countries, included the United Arab Emirates, have joined the OECD’s framework project.
The F2 solution supports the process in relation to the annual company reporting. From a self-service portal with company notifications , which includes the companies’ completion of the ESR report, case processing, audit, analysis, and even electronic reporting to the OECD. The solution had a short implementation time. Already in December 2020, the Ministry of Finance’s portal went live for submission of company notifications. The solution is used by 300 employees across more than 30 authorities in the UAE, and during the first month, approximately 35.000 companies submitted their notification.
cBrain engages in an offensive CSR strategy with a particular focus on the 16th SDG: Peace, Justice, and Strong Institutions. cBrain believes that digital solutions for governmental work is a critical factor in creating strong and transparent democratic institutions.
It is thereby joyous news that the UAE Ministry of Finance has nominated cBrain’s ESR solution for the global WSIS Prize in 2021. Especially as the nomination is supported by the claim that the ESR solution supports a number of SDG objectives, including sustainable economic growth, innovation, and reducing inequality between countries.