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.

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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

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