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The Ministry of Finance in the United Arab Emirates has issued a notice regarding Economic Substances Regulations (ESR) Filing Requirements and Deadlines. The deadline for ESR filings is due as the MOF (Ministry of Finance) portal availability is extended to 31st December 2020. So, all notifications & reports will require to be submitted online through the MOF portal. According to law, Economic Substances Regulations notification need to be submitted within 6 months of the financial year-end. Yet the portal is not live yet, this deadline has been extended to 31st Dec 2020. Ie. Licensees with 31st March 2020 or 30th June 2020 financial year-end will also be mandatory to submit the notification by 31st December 2020. Also, Licensees that already submitted the ESR notification directly to their Regulatory Authorities are compulsory to re-submit the notification on the Ministry of Finance Portal by 31st December 2020.
Penalties for failure to submit the ESR notification & report within the deadline
> Failure to submit ESR Notification collectively with the necessary documents till the deadline will be issued a penalty of AED 20,000.
> Failure to submit an Economic Substance Report within the above-mentioned period will be issued a penalty of AED 50,000.
The companies need to ensure that the ESR notification is filed before the due date. They also have to guarantee that the notification doesn’t include any wrong or incomplete information. It is in this circumstance that the Economic Substance Regulation services in Dubai of ARC Associates become critical for the companies. Being the leading Economic Substance Consultants in Abu Dhabi, Dubai, Sharjah & all over the UAE we have broad knowledge & experience in gathering & reporting company information in the UAE. Our skilled team as ESR Consultants in Dubai offers support at all the stages of compliance with Economic Substance Regulations in UAE. We can assist you to define to which extent Economic Substances Regulations apply to your business, deliver expert advice on ESR Notification Filing to help you obey all ESR requirements & avoid non-submission & penalties too. So, let’s take a look at how we can help the companies in Economic Substance Regulation services:
> We can evaluate whether the firms in the UAE are within the scope of ESR regulations.
> Consulting on Economic Substance Regulations.
> Filing the annual UAE ESR Notification.
> Helping in preparing & submitting the ESR Report to the regulatory authority.
> Offer recommendations on the Economic Substance test if the company is not satisfying the same.
> We can provide Cost Effective ESR compliance services in Abu Dhabi, Dubai, Sharjah, and UAE.
Don't hesitate to let us know if you have any queries regarding ESR matters, please drop us an email at info@arcauditing.ae.
Economic Substance Regulations | ESR Updates & Requirements | Penalties for Non-Compliance with ESR
Contact for ESR Filing in UAE
Contact for ESR Filing in Dubai