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.
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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