New Notification and Reporting Obligations in the United Arab Emirates
Reference is made to our Client Alert of June 2020 on the same subject.
The UAE Ministry of Finance recently issued two new templates regarding the new notification and reporting obligations related to the Economic Substance Regulations (hereinafter the “ESR”) that we attach herewith for your reference.
Regardless of whether your company has made the necessary notification to your regulatory authorities (Free Zone, DED or other) in June 2020 pertaining to financial year 2019 as per the guidelines detailed in our previous Client Alert, all companies must now submit the new templates directly with the Ministry of Finance, moving forward.
However, to date, a portal dedicated to the submission of the templates has not been made available on the website of the Ministry of Finance, neither has a deadline for filing been indicated. Nevertheless, the latest communication by the Ministry of Finance indicates that the portal is expected to go live in the first week of December. The deadline as per the ESR for notification and reporting will be extended until 31st of December 2020, so companies will have approximately three weeks to complete their filings.
We will keep you posted on future developments as we receive them, and will be pleased to assist you with the same in due time.