Enhancing compliance to Cabinet of Ministers Resolution No. (57) of 2020 concerning Economic Substance Regulations

National Industries Park urges its valued customers to submit the required documents as per the Economic Substance Regulations, and ensure their accuracy to avoid fines from the concerned authorities. This can be done through your Economic Substance system.

Requirements for submitting the Economic Substance Report

• Submitting notifications:

Companies whose fiscal year ended on [30 June 2022] must send Economic Substance notifications on the Ministry of Finance portal by [31 December 2022]

• Submitting reports:

Companies whose fiscal year ended on [30 June 2022] must submit their Economic Substance report on the Ministry of Finance portal by [31 December 2022]

Please note that failure to send the notifications or submitting the reports may result in a penalty.

For more information, please visit the Ministry of Finance website: https://bit.ly/2TayKBu

To read the Cabinet of Ministers Resolution No. (57) of 2020, please click here.