ADGM Economic Substance Regulations
The European Union Code of Conduct Group on Business Taxation evaluated the UAE’s tax system and recommended changes, which led to the introduction of the Economic Substance Regulations (“ESR”) as …
Economic Substance Regulation Appeal
An Economic Substance Regulation appeal is an official request made by a licensee to repeal a decision made by the Regulatory Authority after the licensee’s noncompliance with ESR requirements. The …
Economic Substance Notification for the Fiscal Year Ended 31st December 2022
The purpose of the Economic Substance Regulation is to avert tax evasion, uphold fair taxation, and combat harmful tax practices. It ensures that businesses engage in relevant activities and sufficient …
Relevant activities and income for ESR purposes
The UAE Economic Substance Regulation was implemented to endorse tax transparency, combat harmful tax practices and comply with the OECD standards. Thus, it is essentially advisable for licensees to seek …
Key Requirements for UAE Economic Substance Test
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, …
Who is a Licensee under the Economic Substance Regulation in UAE?
A Licensee refers to an entity that is either a juridical person incorporated inside or outside the State or an Unincorporated Partnership registered in the State, including a Free Zone …