How Audit Firms Can Help You to File ESR Notification & Report In Such a Short Notice? Filed on December 14, 2020 | Last updated on December 15, 2020 at 04.13 pm
The companies operating in the UAE (mainland, free zone & offshore) are once again facing a compulsion to meet the Economic Substance (ESR) filing requirements as the deadline is around the corner. The UAE-based companies that conduct the relevant activities need to demonstrate adequate economic substance and file the notifications and submit the reports before 31
st December 2020.
Companies that have already filed the ESR notification must submit the notification again to the relevant regulatory authorities in sync with the
Friday, December 11, 2020
Background
The European Union (EU) has a blacklist of countries that do not meet the EU’s criteria on tax transparency, fair taxation, and the implementation of measures to counteract base erosion of profit shifting (BEPS). The EU’s efforts to combat tax evasion go beyond the jurisdiction of the EU.
The UAE Government introduced Economic Substance Regulations in 2019 as a response to being blacklisted by the EU for tax purposes following an assessment of the UAE’s tax framework by the EU Code of Conduct Group on Business Taxation. In late 2019, the EU removed the UAE from the blacklist.
Background
The European Union (EU) has a blacklist of countries that do not meet the EU’s criteria on tax transparency, fair taxation, and the implementation of measures to counteract base erosion of profit shifting (BEPS). The EU’s efforts to combat tax evasion go beyond the jurisdiction of the EU.
The UAE Government introduced Economic Substance Regulations in 2019 as a response to being blacklisted by the EU for tax purposes following an assessment of the UAE’s tax framework by the EU Code of Conduct Group on Business Taxation. In late 2019, the EU removed the UAE from the blacklist.
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As part of its commitment to meeting international
standards, the Cayman Islands has introduced a number of new
legislative measures and regulatory changes in recent years. Cayman
Islands entities will need to take certain actions and make certain
annual filings by specified deadlines as year-end approaches to
ensure they remain compliant with their regulatory
obligations.
These filings include the annual economic substance notification
and first return required under the International Tax Co-operation
(Economic Substance) Law (2020 Revision) (as amended by relevant
regulations, the ESL ) and the FATCA and CRS