Economic Substance Notification & Reporting Templates Going Live
Under the old Economic Substance regime, there are two stages for a UAE entity to complete and comply with Economic Substance Notification and Reporting.
- Stage 1: the first requirement was to lodge a notification around 30 June 2020 to the licensing authority to state if your company(s) perform a Relevant Activity.
- Stage 2: the next requirement for ESR that is important is the deadline of 31 Dec 2020 to submit your Economic Substance Report (ESR).
However, due to the release of Economic Substance Notification and Reporting there has been a complete overhaul of the legislation concerning the Economic Substance regime. The Federal Tax Authority (FTA) is now the government entity, overseeing compliance of Economic Substance via the Ministry of Finance (MOF).