{"id":908,"date":"2021-08-14T10:12:04","date_gmt":"2021-08-14T04:42:04","guid":{"rendered":"https:\/\/www.kediataxconsultants.com\/?page_id=908"},"modified":"2021-08-27T18:02:20","modified_gmt":"2021-08-27T12:32:20","slug":"esr","status":"publish","type":"page","link":"https:\/\/www.kediataxconsultants.com\/?page_id=908","title":{"rendered":"esr"},"content":{"rendered":"\t\t
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SERVICES<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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ESR:<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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As part of the UAE\u2019s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE\u2019s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019), (the \u201cRegulations\u201d) on 30 April 2019. The Regulations require UAE onshore and free zone companies and certain other business forms that carry out any of the defined \u201cRelevant Activities\u201d listed below to maintain and demonstrate an adequate \u201ceconomic presence\u201d in the UAE relative to the activities they undertake. The Regulations apply to Licensees that carry out any of the following Relevant Activities.<\/p>

\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Banking Businesses
\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Insurance Businesses
\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment Fund Management Businesses
\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lease-Finance Businesses
\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Headquarter Businesses<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Shipping Businesses
\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Holding Company Businesses
\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Intellectual Property Businesses
\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Distribution and Service center Businesses<\/p>

Noncompliance with ESR within due time can attract penalty of AED 20,000 in case of non-submission of ESR notification and AED 50,000 in case on non-submission of ESR Report<\/p>

Kedia tax consultants can assist you in following ways-<\/p>

  • Review business group structure to ascertain applicability of economic substance regulations.<\/li>
  • Perform a gap assessment to determine the current level of compliance with the requirements which could include review of \u2013 contracts, details of assets, expenditure, and employees deployed in UAE, evidence of direction and management in UAE.<\/li>
  • Assist you about remedial options which could include \u2013 inject additional substance or restructure the entity\u2019s\u2019 business \/ operations \/ holdings.<\/li>
  • Assistance in designing policies for entities to comply with the economic substance tests.<\/li>
  • Preparation and submission of annual notification and reporting for the entities allowed to carry out a \u2018Relevant<\/li>
  • Activity\u2019 in the UAE.
    To train the concerned person in the organization about ESR requirement & prepare compliance checklist.<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    SERVICES ESR: As part of the UAE\u2019s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE\u2019s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019), (the \u201cRegulations\u201d) on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_canvas","meta":[],"_links":{"self":[{"href":"https:\/\/www.kediataxconsultants.com\/index.php?rest_route=\/wp\/v2\/pages\/908"}],"collection":[{"href":"https:\/\/www.kediataxconsultants.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.kediataxconsultants.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.kediataxconsultants.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kediataxconsultants.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=908"}],"version-history":[{"count":25,"href":"https:\/\/www.kediataxconsultants.com\/index.php?rest_route=\/wp\/v2\/pages\/908\/revisions"}],"predecessor-version":[{"id":1719,"href":"https:\/\/www.kediataxconsultants.com\/index.php?rest_route=\/wp\/v2\/pages\/908\/revisions\/1719"}],"wp:attachment":[{"href":"https:\/\/www.kediataxconsultants.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}