MoF Extends ESR Submission Until January 31, 2021
The Revised Filing Deadlines for the 2019 Reportable Period are as follows: Notification – The later of (6) six months after the financial year end or 31, January 2021
Economic Substance Report – The later of (12) twelve months after the financial year end, or 31 January 2021
We would like to inform you that the Ministry of Finance (MoF) has extended the deadline for UAE Companies to comply and submit the Economic Substance Notifications and Annual Report until January 31, 2021. The extension is to give allowance for the Companies impacted by Covid-19 and due to system issues encountered during the last week of December under the MoF ESR Filing portal.
We strongly encouraged you to review your business transactions and corporate structure to make sure that you are in compliance with the ESR requirements. Non-compliance will lead to penalties (AED 50,000 to AED 400,000) per Company up to revocation of license) from the Ministry of Finance, Federal Tax Authority and Licensing Authorities.
Please let us know immediately should you need our assistance.
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