As we all know, the deadline for UAE Licensees to file the Economic Substance Regulations Notification from UAE has passed now. The initial step for the licensees to obey the ESR rules is the ESR notifications. It serves as a self-declaration. It checks the performances of all the Relevant Activities in the UAE. ESR Return is the next and final step of the ESR requirements. Filing of the ESR return takes place with the year.
Any business with a long first accounting period and ended during advised to file an ESR notification by June 30, 2020. The first notification’s due would be in 2021. The Economic Substance Regulations UAE reports must be uploaded on the MoF portal within 12 months, following the end of the licensee’s financial year-end or by 31st December 2020.
Any licensee or any exempted Licensees who do not submit their Economic Substance Regulations UAE form or reports with the given period will be subjected to a penalty of AED 50,000. It comes under Article 14 of Decision 57 for failure to provide an ESR report.
The majority of the time, the Regulatory Authorities in the UAE are the ones who announce the due dates for the Economic Substance Notification. On the other hand, the deadlines that have been announced by the various authorities are not consistent. The deadlines that were declared by certain authorities have already been passed. The deadline for the DAFZA (Dubai Airport Free Zone) company, for example, was originally set for the third of May in 2020, but it was later extended to the 31st of May in 2020. For DIFC, the declared due date was 12th June 2020 and is now extended to 30th June 2020. Since the ESR due dates declared by different authorities are different, it is significant to examine the available information in one place.
For the companies to file ESR notification with their relevant activities and their core income-generating activities for businesses within the UAE, many free zones have extended the March 31 deadline.
The Economic Substance notification form filing deadline that is due before the MoF portal will be extended to 31 December 2020. For example, in respect of a Licensee with a 31 March 2020 financial year-end, under Article 4.4 of Ministerial Decision 100 would be required to file by 30 September.
If your entity or firm has failed to submit the ESR Notification, it is significant to remediate it as soon as possible and neglect any risk assessments or imposing of penalties or fines to take place.
For more Detailed information about ESR, Visit: Economic Substance Dubai Guidelines
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