The ESR Regulations is now only applicable till December 31, 2022, vide Cabinet Resolution No. (98) of 2024. All administrative penalties levied from on or after January 01, 2023, will be refunded. This decision was widely anticipated considering the requirement to maintain adequate substance in a free zone/designated zone, as applicable, for free zone entities/branches considering to avail the beneficial 0% corporate tax rate under the UAE Corporate Tax (CT) law.
The CT return form contains certain disclosure requirements with respect to adequate substance for entities availing qualifying free zone person benefits under the UAE CT Law.
Stay compliant and contact our team for any queries.
