Economic Substance Regulations UAE
ESR filing deadline for Notifications that are due before the Ministry of Finance Portal is available will be extended to 31 December 2020. For example, in respect of a Licensee with a 31 March 2020 financial year end, which under Article 4.4 of Ministerial Decision 100 would be required to file by 30 September
Licensees and/or Exempted Licensees that fail to submit their Notification along with the required supporting documents by 31 December 2020 will be issued a penalty of AED 20,000 under Article 13 of Decision 57 for failure to provide a Notification
ESR Notifications previously filed with Regulatory Authorities
Licensees and/or Exempted Licensees that have submitted a Notification to a Regulatory Authority before the Ministry of Finance Portal goes live (e.g.
by the 30 June 2020 deadline) are required to resubmit their Notification by no later than 31 December 2020.
Licensees and/or Exempted Licensees that fail to resubmit their Notification by the aforementioned date shall be subject to a penalty of AED 20,000
under Article 13 of Decision 57 for failure to provide a Notification.
Economic Substance Reports due before the Ministry of Finance Portal goes live
The filing deadline for Economic Substance Reports for a Financial Year commencing on or after 1 January 2019 and ending on or before 31 December 2019 shall be 31 December 2020. This deadline also applies to Licensees and Exempted Licensees (where applicable) that have a short Financial Year ending on or before 31 December 2019. For example, in respect of a Licensee or Exempted Licensee (where applicable) with a short financial year commencing on 1 April 2019 and ending on 31 October 2019, which under Article 8.4 of Decision 57 would be required to file by 31 October, this Licensee or Exempted Licensee (where applicable) would be required to file the Economic Substance Report by no later than 31 December 2020 on the Ministry of Finance Portal.
Related : http://saifaudit.com/blog/2020/05/15/economic-substance-reporting-notification-dmcc-deadline/
http://saifaudit.com/blog/esr-notification-uae/
http://saifaudit.com/blog/2020/05/17/the-due-date-for-economic-substance-notification/
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