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…
Has your business received an administrative penalty under the UAE Economic Substance Regulations (ESR)? If you believe the penalty was issued incorrectly or is disproportionate, you may have the right to file an appeal with the Federal Tax Authority (FTA). At RVG Chartered Accountants, we assist businesses across the UAE in preparing and submitting ESR…
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…
