UAE, 10 October, 2024 : The Cabinet of Ministers has issued Decision No. (98) of 2024, introducing key amendments to the Economic Substance Regulations (ESR), specifically updating the provisions under Decision No. (57) of 2020.
Key changes include -
1) Extending the applicability of the ESR to financial years starting on or after 1 January 2019 through to 31 December 2022.
2) Waiving administrative penalties imposed on businesses and entities that were previously exempted from ESR obligations for the period ending on December 31, 2022.
3) Waiving any penalties imposed post-December 31, 2022, upon fulfillment of all relevant national compliance obligations.
These updates offer considerable relief, especially as businesses navigate similar substance requirements under the UAE’s corporate tax regime. An official English translation of the decision is expected soon.
Source : www.mof.gov.ae
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