The AHK informs about changes in the Economic Substance Requirement:

Economic Substance Requirements (ESR) are a set of rules demanding corporate bodies operating in jurisdictions with low or no corporate taxes to prove a certain degree of substance, allowing them to carry out their respective commercial activity, rather than merely having a presence for the purpose of tax avoidance. The United Arab Emirates have issued corresponding requirements in 2018 and most recently made significant changes to the ESR Regulations (Cabinet Resolution No. 57/2020 and Ministerial Decision No. 100/2020).

The majority of enterprises handed in their ESR Notification by 30 June 2020. As a next step, entities in the UAE will need to prepare the so-called ESR Report if they are carrying out a “Relevant Activity.”

The German Emirati Joint Council for Industry & Commerce (AHK) and Germela Law LLP are organizing a webinar on the Economic Substance Report & Test. Dr. Constantin Frank-Fahle, LL.M., will discuss recent ESR related reforms and requirements pertaining to the ESR Report.

Date: Tuesday, 22 September 2020
Time: 10:00 -11:00 (GST) / 08:00 -09:00 (CET)

AGENDA

1. Economic Substance Requirements in the UAE – History & Background
2. Recent Legislative Changes (Cabinet Resolution No. 57/2020 and Ministerial
Decision No. 100/2020)
3. Economic Substance Report & Test
o Background and Regulatory Framework
o Economic Substance Test
– Personal und Material Scope
– Requirements
– Economic Substance Test – Next Steps
4. Sanctions
5. Outlook & Conclusion

The webinar is free of charge for AHK Members only.  For Non-Members a fee of 50 AED applies.

For further information and the registration: AHK Legal Network Webinar – Sept. 22, 2020