As part of its endeavour to simplify the process of submitting Economic Substance Regulations (ESR)’s reports and notifications, the Ministry of Finance (MoF) launched the ‘ESR Portal’ today. 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.
H.E. Younis Haji Al Khoori, Undersecretary of MoF, noted the importance of the ESR Portal, as it is a secure platform for companies to provide information about their activities in the UAE. H.E. Al Khoori said: “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.”
MoF began receiving ESR notifications and reports through the portal on December 1, 2020, 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 the 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, 2020 – in order not to be subject to administrative penalties. Companies must also register an account in MoF to access the portal.
MoF had recently held a virtual seminar on the ESR Portal, where more than 5,000 companies participated. The seminar aimed to simplify the process of submitting ESR reports and notifications, and sought to ensure that companies understand how to use the portal and submit the required files on time to avoid penalties.
Link to ESR Portal: eservices.mof.gov.ae
Link to the virtual seminar: youtube.com
