{"id":1542,"date":"2023-09-09T03:36:11","date_gmt":"2023-09-09T03:36:11","guid":{"rendered":"https:\/\/elucidationacc.com\/?page_id=1542"},"modified":"2023-11-03T17:45:36","modified_gmt":"2023-11-03T17:45:36","slug":"economic-substance-regulationesr","status":"publish","type":"page","link":"https:\/\/elucidationacc.com\/index.php\/economic-substance-regulationesr\/","title":{"rendered":"Economic Substance Regulation(ESR)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1542\" class=\"elementor elementor-1542\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4cf007d elementor-section-boxed elementor-section-height-default elementor-section-height-default tf-sticky-section tf-sticky-no exad-glass-effect-no exad-sticky-section-no\" data-id=\"4cf007d\" data-element_type=\"section\" data-settings=\"{&quot;tf_sticky&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-253b71c exad-glass-effect-no exad-sticky-section-no\" data-id=\"253b71c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f0f95d5 de_scroll_animation_no exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-heading\" data-id=\"f0f95d5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Economic Registration ( ESR )<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c63939b elementor-section-boxed elementor-section-height-default elementor-section-height-default tf-sticky-section tf-sticky-no exad-glass-effect-no exad-sticky-section-no\" data-id=\"c63939b\" data-element_type=\"section\" data-settings=\"{&quot;tf_sticky&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-a0f21d0 exad-glass-effect-no exad-sticky-section-no\" data-id=\"a0f21d0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eec6dd6 elementor-widget__width-initial de_scroll_animation_no exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"eec6dd6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>UAE&#8217;s commitment as a member of the OECD Inclusive framework and in response to the European Union code of conduct group on taxation&#8217;s assessment of UAE&#8217;s tax framework, the UAE&#8217;s Government has provided guidance on the application of the ESR in September 2019, under which businesses engaged in &#8220;Banking, Insurance, Investment Fund Management, Leasing, Headquarters, Holding company, Shipping, Intellectual Property (IP), and Distribution &amp; Service Centre&#8221; activities will be required to comply. The regulation became effective on January 1, 2019.<\/p>\n<p>Entities that pass the Economic Substance Test must provide the following to their respective regulatory authority:<\/p>\n<p><b>-Annual notification form<\/b><\/p>\n<p><b>-Economic Substance Report within 12 months from the end of their financial year<\/b><\/p>\n<p>The Economic Substance Report is not required to be submitted by exempt entities or entities that did not generate revenue from relevant activities during the fiscal year. However, they are required to submit the Annual notification form to the appropriate authority.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-e0c35d8 exad-glass-effect-no exad-sticky-section-no\" data-id=\"e0c35d8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2a63037 de_scroll_animation_no exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-image\" data-id=\"2a63037\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"2560\" height=\"1723\" src=\"https:\/\/elucidationacc.com\/wp-content\/uploads\/2023\/11\/6308-scaled.jpg\" class=\"attachment-full size-full wp-image-2240\" alt=\"\" srcset=\"https:\/\/elucidationacc.com\/wp-content\/uploads\/2023\/11\/6308-scaled.jpg 2560w, https:\/\/elucidationacc.com\/wp-content\/uploads\/2023\/11\/6308-1024x689.jpg 1024w, https:\/\/elucidationacc.com\/wp-content\/uploads\/2023\/11\/6308-768x517.jpg 768w, https:\/\/elucidationacc.com\/wp-content\/uploads\/2023\/11\/6308-1536x1034.jpg 1536w, https:\/\/elucidationacc.com\/wp-content\/uploads\/2023\/11\/6308-2048x1378.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Economic Registration ( ESR ) UAE&#8217;s commitment as a member of the OECD Inclusive framework and in response to the European Union code of conduct group on taxation&#8217;s assessment of UAE&#8217;s tax framework, the UAE&#8217;s Government has provided guidance on the application of the ESR in September 2019, under which businesses engaged in &#8220;Banking, Insurance, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"_links":{"self":[{"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/pages\/1542"}],"collection":[{"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/comments?post=1542"}],"version-history":[{"count":14,"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/pages\/1542\/revisions"}],"predecessor-version":[{"id":2243,"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/pages\/1542\/revisions\/2243"}],"wp:attachment":[{"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/media?parent=1542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}