In a major development, the UAE Cabinet of Ministers, through Decision No. (98) of 2024, announced that the Cabinet Ends Economic Substance Regulations (ESR), which will no longer apply to financial years starting on or after January 1, 2023. This change brings significant regulatory relief for UAE businesses, as the need for filing ESR reports…
The Guidance on Appeal Filing ESR assists Licensees or Exempted Licensees in submitting an appeal request to the Federal Tax Authority (FTA) related to imposing Administrative Penalties concerning Economic Substance Regulations (ESR). Under Cabinet Resolution 57 of 2020, the Federal Tax Authority is defined as the National Assessing Authority and is responsible for handling and…
Economic Substance Regulations in UAE In 2019, The UAE introduced ESR or Economic Substance Regulations. ESR is a series of Directives and resolutions whose purpose is to restrain harmful tax practices in the UAE and compliance with OECD international standards and the European Union Code of Conduct Group on Business Taxation guidelines. Economic Substance Regulations…
