The assessment and determination on whether a Licensee has economic substance in the UAE is made by the Federal Tax Authority, in its capacity as the “National Assessing Authority” under the Regulations.
Ministerial Decision No. 100 issued in the Year 2020 on the issuance of directives for the Implementation of the Provision of the Cabinet Decision No. 57 of 2020 concerning Economic Substance Requirement in United Arab Emirates has introduced, among other update the designation of the National Assessing Authority.
The ESR Regulations have been introduces in UAE pursuant to the global standard set by the Organisation for Economic Cooperation and Development (“OECD”) Forum on Harmful Tax Practices, which requires entities undertaking geographically mobile business activities to have substantial activities in the respective jurisdiction.
The National Assessing Authority is undertakes, inter alia, the following functions:
For more information on how Gupta Accountants could assist you in compliance with UAE Economic Substance Regulation Rules, contact us today.
Gupta Accountants competent team of chartered accountants in Dubai, provides best supports at all the stages of the compliance to Economic Substance Regulations in UAE to companies registered under free zones and on main land, established in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah.
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Ramesh Kumar Gupta is a young and dynamic Chartered Accountant and has 21 years of experience in assurance, accounting, audit and business management. He is a member of the Institute of Chartered Accountants of India (ICAI). He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE