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ABU DHABI / WAM
The Ministry of Finance (MoF) on Tuesday launched the “ESR Portal” to simplify the process of submitting Economic
Substance Regulations (ESR)’s reports and notifications.
The portal aims to simplify procedures for all companies operating in the country and allows them to submit reports, notifications and supporting documents electronically and in a timely manner.
Younis Haji Al Khoori, Under-Secretary of MoF, noted the importance of the ESR Portal, as it is a secure platform for firms to provide information about their activities in the UAE.
“The information that will be collected through the portal will help the Federal Tax Authority determine whether the companies are carrying out sufficient and appropriate ESR activities in the UAE that are in line with their level of income,” he added.
MoF began receiving ESR notifications and reports through the portal on December 1 this year, when all companies were required to register an account in the ministry to access the portal.
All companies in the UAE that engage in any of ESR’s relevant activities within the fiscal year ending on December 31, 2019 must submit an annual ESR notification to its Regulatory Authority no later than December 31, in order not to be subject to administrative penalties.
Companies must also register an account in MoF to access the portal.