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 licencees carrying out ESR Relevant Activities who have made their submissions in the past to RAKEZ directly. This step is also required from licencees 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 licencees Exempted Entities Treatment of branches Amendments to Relevant Activities Definition of a Distribution and Service Centre Business Definition of a High Risk IP licencee 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.
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 licencees carrying out ESR Relevant Activities who have made their submissions in the past to RAKEZ directly. This step is also required from licencees 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
Amendments to Relevant Activities
Appointment of UAE Federal Tax Authority as the 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.
Don't forget to share this article!
International supplier of building materials, Peikko Gulf expanded its Ras Al Khaimah facility to boost its manufacturing capabilities by around 40... Read More
International supplier of building materials, Peikko Gulf expanded its Ras Al Khaimah facility to boost its manufacturing capabilities by around 40...
Ras Al Khaimah Economic Zone (RAKEZ) recently celebrated the exceptional dedication and achievements in Health, Safety, and Environmental (HS&E... Read More
Ras Al Khaimah Economic Zone (RAKEZ) recently celebrated the exceptional dedication and achievements in Health, Safety, and Environmental (HS&E...
A leading Indian manufacturer of power cable joining kits, Al Yamuna Densons is expanding its facility in Ras Al Khaimah with an investment of AED ... Read More
A leading Indian manufacturer of power cable joining kits, Al Yamuna Densons is expanding its facility in Ras Al Khaimah with an investment of AED ...