Economic Substance Report Template | Economic Substance Regulations | Spectrum Accounts

 The UAE released the Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019), also known as the “Regulations,” on April 30, 2019, as part of its commitment to the OECD Inclusive Framework and in response to the European Union Code of Conduct Group on Business Taxation’s assessment of the UAE’s tax framework.

The Regulations are applicable for fiscal years beginning on or after January 1, 2019. In addition to completing and submitting an Economic Substance Report to the same Regulatory Authority within 12 months of the end of their fiscal year, organisations subject to the Regulations are obliged to submit an annual Notification form to their Regulatory Authority (e.g. 31 December 2020 for entities with a financial year ending 31 December 2019).

For any financial period in which it did not generate revenue from a Relevant Activity or in which it satisfies the requirements for exemption, a company is not required to satisfy the Economic Substance Test and produce an Economic Substance Report template.

Regardless, a Notification form must be sent. The Regulations carry a number of administrative consequences, including fines, the spontaneous exchange of information with the Foreign Competent Authority (as specified in Article 1 of the Regulations), and the suspension, cancellation, or non-renewal of the entity’s trading licence or permit.

You can download both ESR notification (ES Notification) template and ESR report (ES report) template from below link:

Economic-Substance-Report-template

Economic-Substance-Notification-template

Call us at +971 4 2699329 or send an email to info@spectrumaccounts.com right away if you need any form of support. Spectrum is a collaborator in your accomplishments.

Website: https://www.spectrumaccounts.com/

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