Economic Substance Regulation UAE
Base Erosion and Profit Shifting (BEPS) is the use of aggressive tax planning strategies by companies to artificially shift profits to low or no-tax jurisdictions . BEPS laws and regulations proposed by the OECD is now enacted into the United Arab Emirates Legislation.
The United Arab Emirates Cabinet of Ministers has issued the Economic Substance Regulations supplemented by guidelines issued on September 11, 2019 which applies to all entities carrying on a Relevant Activity in the UAE, including entities established in Free Zones and Financial Free Zones.
Such entities must exhibit demonstrable Economic Substance as of April 30, 2019 and make reports and notiﬁcations to the Regulatory Authority from financial year 2019 and thereafter or will risk ﬁnes and administrative penalties.
Under the Legislation, every Licensee conducting a Relevant Activity must file and submit an ESR notification and report.
Our trained consultants will help you understanding the impacts & risks, whether it applies to your business, how to address the notification requirements and manage the reporting obligations on an ongoing basis.
If your business receives income from a Relevant Activity and requires expert support, we can help to minimise risks and costs.
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Our advisor will undertake an assessment to review your entity to determine Central Management & Control and Relevant Activities
We can support your notification or exemption submission and provide a high level analysis
We clarify your reporting obligations and support you to prepare the submission.
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