The cabinet of ministers of UAE made new changes to the Economic Substance regulations. This was done to determine the actual profits earned by the entities which will eventually help the economy of UAE.
The new Economic Substance Regulations are as follows:
- There are new definitions for connected persons and groups. That is, the previous meaning and requirements have changed.
- The report requirements have been decreased for foreign companies who have branches in UAE. This would help in faster submission.
- For UAE companies, the report requirements have changed. These changes have been modified for the betterment of the licensee and economy.
- There will be no need to file separate or different notifications for UAE branches unlike before where it was required to do it separately.
- The import and store goods relevant activity has been excluded. This was a major activity that was done earlier and now has been taken off entirely.
- Compliance and control will be monitored by UAE Federal Tax authorities. The government takes charge to monitor the same.
- A notification should be filed for all licensees to the UAE Ministry of Finance. This again will be reported to the government directly.
- The penalties have been charged more. They have increased.
To know more on economic substance regulations UAE notification, follow KGRN blogs.
NEW ECONOMIC SUBSTANCE REGULATIONS UAE FORM:
The notification form is used for filling out all the important details. This helps provide the initial information about the licensee. All the legal entities must be added here. If the licensee is unable to do so, the licensee must get approval from the legal authorities in order to move further.
It will not be possible to proceed with the submission if there is missing information. Filling out the new form for the Economic Substance Regulations is the first step towards enrolling or submitting your application. In order to correctly identify the licensee, this basic information is very necessary.
For more Detailed information about ESR, Visit: Economic Substance Dubai Guidelines
Related Information
Economic Substance Regulations
To get help with the Economic Substance Regulations form, call +971 45 570 204 / E-mail: support@kgrnaudit.com
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