What are economic substance regulations?
The Economic Substance Regulations, or ESR, was issued by the UAE and is aimed at curtailing harmful tax practices and closely tracks the global standard set by the OECD (Organisation for Economic Co-operation and Development). The Economic Substance Regulations, or ESR, was issued by the UAE and is aimed at curtailing harmful tax practices by non-domiciled business operators!
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As the UAE is a member of the OECD framework, in response to an assessment of the UAE’s tax framework by the European Union (EU) Code of Conduct Group on Business Taxation, the UAE introduced a resolution on Economic Substance on April 30, 2019.
Deadline looms: Ensure your business abides by the new UAE economic substance rules by December 31 gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
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