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SKP Business Consulting Limited : Economic Substance Regulation

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Earlier this year, the Cabinet of Ministers in the United Arab Emirates (UAE) released Resolution No 31 of 2019 (Resolution) on Economic Substance Regulations (ESR) that would apply with immediate effect. ESR was introduced to ensure that entities that are doing business in UAE, pursuant to trade license obtained from authorities (Licensee), meet the Economic Substance Test. Interestingly, the resolution provides useful guidelines/ parameters to conduct such substance tests. This Resolution is also a step to meet the European Union’s requirement to remove UAE from the EU Blacklist i.e. EU list of non-co-operative jurisdiction for tax purposes. Subsequently, on 10 October 2019, the EU has removed UAE from its Black List.

 

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