UAE ESR Alert: ESR Audit — What Process?

With the issuance of the new Cabinet Resolution No. 57 of 2020 concerning Economic Substance Requirements (“Regulations”) on 10 August 2020, the Federal Tax Authority (“the FTA”) was appointed as the National Assessing Authority. The FTA’s functions include, without limitation: (i) undertaking assessments to determine whether a Licensee has met the Economic Substance Test; (ii) …

UAE ESR Update: ADGM and MOF updated FAQs

The Abu Dhabi Global Market (ADGM) and the Ministry of Finance (MOF) have recently updated their dedicated ESR webpages with *new* FAQs sections. Key takeaways from the FAQs sections: Does ESR apply to Foundations and Trusts? Both ADGM and MOF recently confirmed that Trusts and Foundations may fall within scope of ESR should they be …