Please be advised that if you are conducting a relevant activity and have already submitted the Economic Substance Notification, this serves as a second reminder for companies with fiscal years ending on 31st December 2021 to file their Economic Substance Reports prior to 31st December 2022.
Companies should go on to the Ministry of Finance Portal and submit their Economic Substance Reports if they have already submitted their Economic Substance Notifications in order to avoid a penalty of AED 50,000.
The ESR penalties can be severe, and they act as a reminder of the importance of making accurate and properly considered ESR notifications and reports.
If a Relevant Activity is undertaken by a business with a financial year ending 30th November 2021,
an ESR Report must be filed by the 30th of November 2022.
The due date is approaching soon!! Are you prepared for the submission of the ESR compliance report?