ESR Notification KWS Fintech Services is one of the leading independent specialist VAT firms in the UAE
Submitted Annually Economic Substance Report and Notifications Have to be
According to the terms of the Cabinet Resolution, which specifies the submission of these notifications and reports, businesses and establishments that are involved in “relevant activities” in the UAE are required to submit economic substance notifications and reports to the regulatory authority on an annual basis. If you don’t follow this, there will be consequences.
Submission Deadlines
Notification:
A maximum period of 6 months is granted from the end of the fiscal year
Economic Substance Reports:
A maximum period of 12 months is granted from the end of the fiscal year.
Submit Economic Substance Notifications
Businesses must use the e-platform on the Ministry of Finance’s website to submit reports and notifications under the Economic Substance Regulations. For the following linked operations only, companies licensed by the Fujairah Municipality or Dibba Fujairah Municipality ‘to which the decision applies’ must apply through the platform and choose the Ministry of Economy:
Headquarter Holding Companies for Business Shipping Intellectual Property in Business Distribution of Business and Service Center Operations