Pursuant to our article dated May 2020 regarding the UAE’s Economic Substance Reporting (“ESR”) notification requirement, we remind all companies who undertake a “Relevant Activity” to file their respective notification on the UAE’s Ministry of Finance submission portal.
Companies who undertake a Relevant Activity are required to submit a notification to the Ministry of Finance and if applicable the full ESR Report on or before the 31st December 2020 deadline.
AED 50,000 fine will be issued to companies who fail to file the relevant submission before the deadline.
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