In a press release dated 31st December 2020, The United Arab Emirates Ministry of Finance (MoF) announced that the deadline for submitting Economic Substance Regulations (ESR) notifications and reports has been extended to no later than the 31st January 2021.
All companies in the UAE that engage in any of the ESR’s relevant activities must submit an annual ESR notification in order not to be subject to administrative penalties.
All companies that fall under this decision are required to register an account in the ministry to access the ESR Portal to submit reports, notifications and supporting documents electronically no later than the 31 January 2021 — as no further extension will be given to delinquent companies.
The MoF began receiving ESR notifications and reports through the portal on December 1, 2020.
It was noted by the Undersecretary of the MoF, H.E. Younis Haji Al Khoori, that this extension is a measure to support the business sectors and companies affected by the COVID-19 pandemic.