UAE: Additional time to comply with economic substance reporting

UAE: Additional time, economic substance reporting

The Ministry of Finance of the United Arab Emirates has granted additional time—one month—for licensees to submit their “economic substance” notifications and reports.


Related content

These notifications and reports are due 31 January 2021 (extended from 31 December 2020) and are to be filed via the Ministry’s portal according to the following schedule:

  • Submission (or re-submission) of economic substance notification—All licensees and exempted licensees that conduct “relevant activities” and have a financial year (FY) ending between 31 December 2019 and 31 July 2020, are required to file the notification by 31 January 2021. For those with financial years ending after 31 July 2020, the notification is to be filed within six months from the end of the relevant financial year.
  • Submission of economic substance report—Licensees undertaking relevant activities and deriving income therefrom for financial years ending between 31 December 2019 and 31 January 2020 are required to file the report by 31 January 2021. For those with financial years ending after 31 January 2020, the report is to be filed within 12 months from the end of the relevant financial year.    

Read a January 2021 report prepared by the KPMG member firm in the UAE

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal