With the issuance of the new Cabinet Resolution No. 57 of 2020 concerning Economic Substance Requirements (“Regulations”) on 10 August 2020, the Federal Tax Authority (“the FTA”) was appointed as the National Assessing Authority. The FTA’s functions include, without limitation: (i) undertaking assessments to determine whether a Licensee has met the Economic Substance Test; (ii) […]
Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and Chairman of the Dubai Securities and Exchange Higher Committee, […]
With the issuance of the new Cabinet Resolution No. 57 of 2020 concerning Economic Substance Requirements (“Regulations”) on 10 August 2020, the Federal Tax Authority (“the FTA”) was appointed as the National Assessing Authority. The FTA’s functions include, without limitation: (i) undertaking assessments to determine whether a Licensee has met the Economic Substance Test; (ii) […]
Entities falling within scope of ESR, with financial year-end 31st December 2020, will have till 8th July 2021 to submit their respective Notification or Substance Report, as the case may be. The extension was announced due to technical issues experienced by some entities in filing their Notification or Economic Substance Report on the Ministry of […]
All entities with financial year-end 31st December 2020 and falling within the scope of ESR should have submitted an ESR Notification with the Ministry of Finance (“MoF”) by 30th June 2021. Should your entity have failed to submit the ESR Notification, it is paramount that this step is remediated as soon as possible so as […]
Issuance of Cabinet of Ministers Resolution No. 57 of 2020 and Ministerial Decision 100 of 2020 – In-depth review On 10th and 19th August 2020 respectively, the Ministry of Finance issued Resolution No. 57 of 2020 (“Resolution”) and Ministerial Decision No. 100 of 2020 (“Ministerial Decision”) on Economic Substance Regulations [ESR]. The Resolution repeals (i) […]
The deadline for UAE Licensees to file the ESR Notification is now passed. Missing the deadline will trigger fines unless Authorities make use of their discretion to apply a grace period. So far, no grace period for any of the Authorities has been published. ESR took effect on 30 April 2019. There are a number […]
30 June has emerged as the almost-consensus notification deadline date for most UAE registrars and authorities with respect to ESR compliance. DDA has issued an update stating that the deadline for the ESR filing obligations of its Licensees has been extended to 30 June 2020. All Licensees irrespective of whether they carry out a Relevant […]
Dubai Aviation City Corporation (DACC) and Umm Al Quwain Freezone Authority (UAQFZA) issue updates on Economic Substance Regulation (ESR) deadline and submissions DACC has issued a new circular stating that the deadline for the ESR filing obligations of its Licensees has been extended to 23 June 2020. Umm Al Quwain Freezone authority has also issued […]
JAFZA and the MoE have issued guidelines and announced the deadline for Licensees to comply with their Economic Substance Regulation (“ESR”) filing obligations. JAFZA and DED Licensees undertaking a Relevant Activity are expected to comply with their ESR filing obligation and notify their respective Authorities by 30th June 2020. ESR took effect on 30 April […]
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