Date: 8th of November 2020
Dear Valued Customers,
Further to the UAE Cabinet Decision No. 57 of 2020 Concerning Economic Substance Requirements (the “Decision 57”), Ministerial Decision No. 100 of 2020 (“Ministerial Decision 100”).
Decision 57 applies to all DACC Licensees that undertake a relevant activity and have a financial year ending on or after the 31st of December 2019. DACC Licensees that submitted their Notifications for the 30th of June 2020 deadline must resubmit their Notifications through the Ministry of Finance Portal, which will go live in the first week of December 2020.
All DACC Licensees that undertake a relevant activity must file their Notifications within six months from the end of their financial year.
All ESR Reports must be submitted within 12 months from the end of their financial year (i.e. DACC Licensees that have their financial year ending on the 31st of December 2020, must submit their ESR Reports by December 2020, through the Ministry of Finance Portal).
Clarifications concerning filing deadlines