Sharjah Publishing City Circular No. 1/2020
Economic Substance Regulation in the United Arab Emirates
Subject: Economic Substance Regulation in the United Arab Emirates
The Economic Substance Regulation (Cabinet Decision No. 31/2019, the “Regulations”) was introduced by the United Arab Emirates in coordination with the Ministry of Finance on 30 April 2019. The Regulations is in response to an assessment of the UAE's tax framework by the European Union Code of Conduct Group on Business Taxation and as part of the UAE's commitment as a member of the OECD Inclusive Framework.
Relevant Activities Notifications
The Regulations require all licensees to notify if the licensee is carrying on one or more of the following Relevant Activities. The Relevant Activities as set out under Article 4 of the above said Resolution are:
Banking Businesses
Insurance Businesses
Investment Fund Management Businesses
Lease-Finance Businesses
Headquarters Businesses
Shipping Businesses
Holding Company Businesses
Intellectual Property Businesses
Distribution and Service Centres Businesses
Notification template is attached herewith. Also available through our website www.spcfz.com to view and download, please click here
Please submit the notification by 30 June 2020 to services@spcfz.com