Compliance with the Ministerial Law No. (57) of 2020 on the requirements of the Economic Substance Regulations

Dubai Auto Zone (DAZ) calls its valued customers to comply with the Economic Substance Regulations requirements to ensure its validity to avoid fines that are to be imposed by the Regulatory Authority through the designated system of the Economic Substance Regulations of the customers.

The requirements concerning the submission of the Economic Substance Regulations report are as follows:

Notification of Submission:

• The licensors and the exempted licensees are required to submit a notification within (6) months from the end of their financial year.

Submission of Report:

• The Licensees are required to submit their Economic Substance Regulation report within (12) months of the end of their financial year.

Kindly be informed that notifications are required to be filled by the 29^th of March 2022 as non-compliance with the obligations to file a notification is subject to a penalty.

To view the Ministerial Law No. (57) for the year of 2020, please click here.