On 10th August 2020, the UAE Cabinet of Ministers issued amendments to Resolution-31, also known as the Economic Substance Regulation, and introduced Resolution No. 57. According to Resolution No. 57, …
The Economic Substance Regulation (ESR) Regulatory Authorities evaluate and determine whether a Licensee satisfies the ESR Test. Essentially, the ESR Test checks if the business has conducted an Income Generating …
Read MoreFunctions of the ESR Regulatory Authorities in the UAE
Economic Substance Regulations are a set of rules, regulations, and requirements that are meant to follow by some businesses in the UAE. The purpose of ESR is to regulate and …
Read MoreAssess Your Economic Substance Regulations Applicability Correctly to Avoid Penalties
The economic substance notification form is an initial requirement of the Economic Substance Regulations in the UAE. ESR regulations in the UAE require all the businesses that fall under its …
Read MoreThings to be notified in Economic Substance Notification Form
The Economic Substance Regulation was issued by UAE according to the global standards set by the Organisation for Economic Cooperation and Development (OECD), as well as by the European Union …
Read MoreWhy should a Business Comply with Economic Substance Regulations?
On 30 April 2019, the Economic Substance Regulations were issued by the United Arab Emirates in accordance with the Cabinet of Minister Resolution Number 31 of 2019. Moreover, assistance for …
Economic Substance Regulations appeal user-guide is used to provide assistance to the Licensees or Exempted Licensees on how to submit their ESR appeal request to the Federal Tax Authority. In …
Read MoreHow to Submit Economic Substance Regulations Appeal Request?
Mainland, offshore, and free zone firms that are in the business of leasing and financing in the United Arab Emirates are required to comply with Cabinet Resolution (No 31) of …
Read MoreRequirements of Leasing-Financing Businesses on Economic Substance Regulations in UAE
The UAE Cabinet Resolution established administrative fines for numerous economic substance regulations. The number of fines for infractions committed by both Licensees and Exempted Licensees has grown as a result …
Read MoreWhat are ESR penalties for providing inaccurate information?
The banking business is one of the Relevant Activities that fall under the scope of Economic Substance Regulations. A banking business is defined as a business that accepts funds that …