Significant Aspects About Economic Substance Regulation Notification Form

Economic Substance Regulation Notification Form


Significant Aspects About Economic Substance Regulation Notification Form

Businesses operating in UAE have to synchronize themselves with the ‘Economic Substance Regulations’. Let us first know what ESR is.

What is Economic Substance Regulation (ESR)?

The purpose of ESR is to introduce transparent tax laws in such a manner that multinational companies can be stopped from avoiding and eroding taxes. 

As per the provisions of ESR, certain legal entities are bound to report about their substantial economic activities in the said jurisdiction.

Who should file the Economic Substance Regulation Notification Form?

Economic Substance Regulations UAE (ESR) requires all licensees to file the ESR notification form with the concerned regulatory authorities.

All such entities, which participate in the following activities or deliver the following services, should file the annual ESR for the reported period:

  • Banking

  • Insurance

  • Investment fund management

  • Lease and finance

  • Shipping

  • Headquarters

  • Holding company

  • Intellectual property

  • Distribution and service center

What is the Economic Substance Regulation Notification Form?

The Economic Substance Regulation Notification Form constitutes some information about the business of the licensee like income generated from the relevant activities which is subject to taxes in a jurisdiction outside of the UAE along with year end date of the accounting period.

The licensee should also include information about the year-end date of the financial or accounting period.

Before we conclude, we reiterate you to get a better understanding of the economic substance regulations compliance in consultation with our concerned experts. For this, you may get in touch with us at any time. In addition, you may seek our services so that you can get updates about the respective submission deadlines. Likewise, you can also for other information about ESR.

We are one of the best Accounting Firms in UAE. We assure you our best services always. You may contact us at info@accountantsbox.com today!


For more detailed information on the topic, visit our article here
Location: Dubai - United Arab Emirates

Comments

  1. AnonymousMarch 10, 2021 at 12:58 AM

    Great post, you almost completely gave the details about economic substance in Dubai, UAE. It is very useful to me and many business people.
    economic substance in Dubai

    ReplyDelete

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