What does the Major ESR Overhaul mean for the Organizations based out of the UAE?

What does the Major ESR Overhaul mean for the Organizations based out of the UAE?

2020 continues to be unpredictable with the UAE incorporating certain changes to the existing ESR (Economic Substance Regulations) policies, in a way to overhaul the existing principles associated with Economic Substance Regulations. As per the existing ESR guidelines, companies based out of the United Arab Emirates had to file reports, showcasing the legislative whereabouts, and tax-related activities.