All the licensees in the DMCC have to file the Economic Substance Notification on or before 30th June 2020.
Economic Substance Reporting Notification DMCC Deadline is 30 June 2020. General ES guidance is available on the DMCC website.
In Cabinet Resolution No. 58/2019, the DMCC Authority has been appointed as a Regulatory Authority for all businesses established in the DMCC free zone. As a Regulatory Authority, the DMCC Authority is required to provide the ESR information received from its member companies to the Ministry of Finance, as Competent Authority under the ESR regulations.
As per Clause 4.2 of Ministerial Decision No 215 of 2019, the Licensee shall submit to the Regulatory Authority a Notification confirming;
- Whether or not it carries out a Relevant Activity;
- Whether or not all or any part of the Licensee’s gross income in relation to a Relevant Activity is subject to tax in a jurisdiction outside the UAE; and
- The date of the end of its financial year.
Economic Substance Reporting Notification DMCC Deadline : Members are advised to refer to the flow chart on the DMCC’s website which shows the steps under the ESR regulations for member companies. Further background to the requirements and rationale for the ESR regulations can be found in the above mentioned guidance notes and formal ESR regulations.