ESR Notification
The Economic Substance Regulations notification and report requirements have been cancelled. The Ministry of Finance cancelled economic substance reporting under Cabinet Decision No. 98 of 2024, which amended Cabinet Decision No. 57 of 2020, for financial years ending after 31 December 2022. Companies no longer file the annual notification or the substance report for those years. Obligations for earlier years remain.
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Who this applies to
- Entities that carried on a Relevant Activity (banking, insurance, fund management, lease-finance, headquarters, shipping, holding, intellectual property, distribution and service centre) in financial years ending on or before 31 December 2022
What to file
Nothing for later years. For earlier years the Ministry of Finance can still ask for information or an amendment, and the company must respond.
How to file
Online via MoF portal.
Payment due
No payment: notification only.
Penalties for missing this deadline
The Ministry says companies remain responsible for earlier years, for responding to information or amendment requests from the authorities and for paying any penalties already imposed by the Federal Tax Authority. The old scale ran from AED 20,000 for failing to notify, through AED 50,000 for inaccurate information, up to AED 400,000 for repeated substance failures.
Filing checklist
- Confirm which financial years ended on or before 31 December 2022
- Check whether a notification or report for those years was filed
- Respond to any request from the Ministry of Finance or the Federal Tax Authority
- Keep the old substance records in case of a request
Documents you'll need
- Copies of notifications and reports already filed for earlier years
- Evidence of the substance test: staff, premises and spending in the UAE
- Correspondence with the Ministry of Finance
Common mistakes to avoid
- Continuing to file ESR notifications for later years when the requirement has been cancelled
- Ignoring a request for information on an earlier year because the regime was cancelled
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