The Ministry of Finance, MoF, has indicated that all companies in the UAE that engage in any of the Economic Substance Regulations, ESR’s relevant activities within the fiscal year ending on 31st December, 2019 must submit an annual ESR notification to its Regulatory Authority no later than 31st December, 2020 – in order not to be subject to administrative penalties.
Younis Haji Al Khoori, Undersecretary of MoF, noted that the ministry will launch the Economic Substance Regulations portal (ESR Portal) on the first week of December 2020.
The portal aims to simplify the process of submitting ESR reports and notifications by allowing companies to submit reports, notifications and supporting documents electronically.
Al Khoori said, “As we approach the deadline on December 31, 2020, we call on all companies to use the forms and guides available on the ministry’s website to prepare their reports and notifications, to then submit them once the ESR Portal is operational.”
To help companies prepare the necessary ESR applications needed for the ESR Portal in December, MoF published sample forms of ESR notifications on its website and social media channels, as well as relevant guides and documents, and a notice regarding the submission requirements and deadlines.
All companies must also re-submit the reports and notifications that were previously submitted to the regulatory authorities on the ESR Portal, no later than December 31, 2020.