Economic Substance Regulations(ESR) – Deadline Reminder
14 September 2021
Businesses with a financial year of 31 March 2021 are reminded that the due date for the ESR notification is 30 September 2021 if they performed a Relevant Activity during the financial year. This notification would be required even if the same activity was performed and notified for the financial year ended 31 March 2020. Also, the first ESR report for the financial year ended 30 September 2020 is due on 30 September 2021.
ESR notification and reporting are two separate filings and is an annual obligation for licensees within the scope of ESR. Failure to submit by the required deadlines would attract penalties ranging from AED 20,000- AED 400,000. Below is the summary of the upcoming deadlines for reference: