Published November 10, 2021 10:11 AM

Economic Substance Regulations (ESR) Compliance Alert For FY 2020-21, Deadline: 31 December 2021
By Bharat Rathor , India assets/flags/flag-of-India.png
Economic Substance Regulations (ESR) Compliance Alert For FY 2020-21, Deadline: 31 December 2021

FY ending 31 December 2020 - Annual ESR Reporting: All UAE licensees covered under ESR scope that carried out and earned income from a relevant activity(s) during the FY are required to submit their Annual ESR test compliance report by the above date within a period of 12 months from year end.

 

Key tests include Directed & Managed test, CIGA and Adequacy Test for skilled directors, management, staff, and office etc., along with supporting documents as prescribed, highlighting any impact of COVID 19 on an entity’s ESR compliance for the relevant financial year and including any relevant information if there are any activity changes compared to previous year.

 

FY ending 30 June 2021 - Annual Notification: All In-scope licensees whose, are required to submit their annual ESR Notification by 31 December 2021 after re-assessing the applicability of ESR law provisions, and any changes to the previous year filings within a period of 6 months from the financial year end date.

 

          Appeals under Article (17) of CR 5 (August 2020) can be filed within 40 working days of imposition of an administrative fine by FTA 

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