Cabinet Decision No. 7/2020 Amending some provisions of Cabinet Decision No. 31/2019 Concerning Economic Substance Regulations

Copyright © 2025 LexisNexis. All rights reserved.

The Council of Ministers:

After perusing the Constitution;

Federal Law No. 1/1972 on the Competencies of Ministers and the Powers of Ministers, as amended;

Federal Law No. 2.2015, concerning Commercial Companies, as amended;

Cabinet Decision No. 31/2019 Concerning Economic Substance Regulations;

Pursuant to the Minister of Finance's proposal and approval of the Cabinet;

Decides the following:

Article 1

The provisions of Paragraph (2), Article (3), of Cabinet Decision No. 31/2019 Concerning Economic Substance Regulations are hereby replaced with the following text:

  • “2. The provisions of this Decision do not apply to any commercial company, as defined in Article 8 of Federal Law No. 2/2015 concerning Commercial Companies, as amended, in which the Federal Government, the Government of any Emirate of the State, any Government Authority or entity affiliated to either of them owns directly or indirectly at least fifty one percent (51%) of the share capital”.

Article 2

This Resolution shall be published in the Official Gazette and take effect from the date of its issuance.

Issued by us on 24 Jumadil Oula 1441 AD