Strict adherence to ESR requirements necessary, experts say rohma@khaleejtimes.com Filed on February 10, 2021
The UAE Ministry of Finance (MoF) in August 2020 announced the details of the Cabinet Resolution No. (57) of 2020 concerning Economic Substance Regulations
Companies across the UAE need to be up to date and comply with the UAE’s economic substance regulations (ESR) unless they want to incur heavy fines for their failure to comply, experts have said.
In a recent webinar organised by the Dubai Chamber, in collaboration with Al Tamimi & Company, experts highlighted the latest developments and provided guidance with respect to the economic substance regime and compliance requirements. The webinar, titled ‘Key Aspects of Economic Substance Regulations’, noted that the UAE has issued the Economic Substance Regulations in April 2019 and followed them with an updated guidance on relevant activities by the Ministry of Finance to help businesses to demonstrate
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.