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Further to our alert of 25 June 2019 on the economic substance regulations, which came into effect on 30 April 2019 pursuant to the Cabinet of Ministers Resolution No. 31 of 2019 (“Regulations”), and in light of the approaching enactment of the Ministry of Finance guidelines to the Regulations, it is important for businesses operating in the UAE to:
The Regulations require entities holding a trade license in the UAE onshore or in a free zone to:
The report will need to be submitted:
A number of significant sanctions may be imposed by the authorities against a business that fails to comply with the Regulations framework, e.g.:
Since we understand that UAE businesses will be required to advise the Relevant Authority of their economic substance in respect of their financial year commencing on or after 1 January 2019 and will need to file the report within 12 months of the end of the financial year, you should:
As the largest law firm in the Middle East and with our strong corporate structuring and tax expertise and experience across all industry sectors in the Middle East, Al Tamimi & Company’s experts will be delighted to assist you as follows:
(b) Ongoing Compliance
Click here to follow Al Tamimi’s Tax Team’s LinkedIn page for more updates on tax developments in the Middle East.
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