Economic Substance Regulation- May Update

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Economic Substance Regulation- May Update

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Old 05-28-2020, 08:52 AM
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Economic Substance Regulation- May Update

As a UAE registered entity, you will be affected by the Economic Substance Regulations.

The first stage of the implementation will be to submit your notification before deadline issued by the Ministry of Finance.

UAE Ministry of Finance (MOF) has issued the second edition of Economic Substance Regulation (ESR). It describes the implications of ESR, they further issued Cabinet of Ministers Resolution No. 31 of 2019 Ministerial Decision No. 215 for the year 2019 providing additional guidance on ESR (‘additional guidance’), and Cabinet Resolution No. 58 of 2019 determining the Regulatory Authorities.

All Trade Licensing Authorities will duly announce its compliance process. The first tranche is announced, and other jurisdictions will follow in due course.

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