12 Nov

UPDATED UAE ECONOMIC SUBSTANCE REGULATIONS

The UAE Cabinet of Ministers has issued Ministerial Decision No. 100 of 2020 with updated guidance on the UAE Economic Substance Regulations (ESR) regime. The Ministerial Decision also included an updated Relevant Activities Guide.

We urge all valued clients to take note of these important changes grouped and summarised in this announcement for your convenience; including a new requirement to re-file Notifications through the Ministry of Finance portal, once available. This re-filing is required only by the licensees carrying out ESR Relevant Activities who have made their submissions in the past to RAKEZ directly. This step is also required from licensees who were previously out-of-scope, but are now in-scope as per the recent update.

To view the updated Relevant Activities Guide, please click here.

HIGHLIGHTS OF THE MINISTERIAL DECISION UPDATES

Overview of amendments to In-Scope Entities

  • Licensees
  • Exempted Entities
  • Treatment of branches

Amendments to Relevant Activities

  • Definition of a Distribution and Service Centre Business
  • Definition of a High Risk IP Licensee

Appointment of UAE Federal Tax Authority as the National Assessing Authority

  • National Assessing Authority

Amendments to Filing Requirements and Processes

Clarification to Relevant Income definition

CLICK HERE TO READ THE DETAILED UPDATES

Please note that the Ministry of Finance website has been updated to include the latest documents and developments.

We will keep you updated on any new filing requirements once announced by the official authorities.

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