As per ESR regulations, the notification should be filed within 6 months after the financial year-end, and report (including demonstration of substance) should be filed within 12 months after financial year-end for example entities with 31 December 2020 FYE had to file their notification by June 30, 2021, and they…

ESR Report for FYE 31st Dec 2020: In accordance with the Cabinet of Ministers Resolution No.31 of 2019, All companies whose: Financial year ended on 31st December 2020; have conducted and generated income from any of the nine Relevant Activity’s during the period; and not categorized under the “exempted category”…

FTA has issued Economic Substance Regulations Appeal user-guide in August 2021. The new guide assists t Licensees in submitting an appeal request to the Federal Tax Authority (National Assessment Authority) related to Administrative Penalties levied concerning Economic Substance Regulations. The key takeaways from the User Guide: What is the appeal?…

Economic Substance Regulations (ESR) was introduced in UAE by the Cabinet Decision Number 31 of 2019. It was implemented to reduce illegal tax practices which are followed in international; businesses and make sure that the correct amount of taxes are paid by the businesses. ESR is applicable to all companies,…

As a committed member of OECD inclusive framework, and in response to the UAE’s tax framework by the European Union (EU) Code of Conduct Group on Business Taxation, the UAE introduced a resolution on the Economic Substance on 30th April, 2019. Guidance that provides further clarity on the application of…