The UAE is a part of the OECD Inclusive Framework, which works to improve the transparency and accountability of economies. It implemented the Economic Substance Regulations UAE EY Global reports around April 2019. The norms for Economic Substance Dubai came into force in January 2019, placing further compliance norms on companies within the country. These guidelines help strengthen the UAE’s credibility and helped remove itself from the EU’s tax blacklist. The Regulation adds two filing requirements for companies to maintain compliance, which is as follows;
- Economic Substance Regulations UAE Notification
- Annual substance return form
All eligible entities that undertake Relevant Activities within the UAE must submit an Economic Substance Regulations UAE form. The concerned Regulatory Authorities decide the format, nature and deadline for submission of such documents. KGRN Audit Firm helps companies maintain compliance with Economic Substance guidelines. We also help companies assess their eligibility, and file the required returns.
All eligible companies have to submit annual Economic Substance Regulations UAE Notification to concerned authorities. An annual substance return form must follow these Economic Substance Regulations Form. Failure to comply with these norms may lead to penalties and even the suspension of the company’s license.
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