Economic Substance Regulation (ESR ) Compliance in UAE​ | Spectrum Auditing

OECD Form on Harmful Tax practices, requires companies to have substantial activities in jurisdiction​. UAE Cabinet of Ministers enacted Resolution no. 31 of 2019 – Economic Substance Regulations considering global standards developed by OECD and EU and later replaced by Cabinet Resolution No 57 of 2020​.

Substantial Activities under Economic Substance Regulations means the Companies get incorporated under the local law of the country but do not engage or conduct any activity or hold any substance in that country.​

Objective:​
To ensure that transactions must have​
- Substantial Purpose​
- Economic effect​

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