NIP urges its valued customers to submit the required documents as per the Economic Substance Regulations and ensure their accuracy in order to avoid fines from the concerned authorities.
Requirements for submitting the Economic Substance Report
• Submitting notifications:
Companies whose fiscal year ended on [31 December 2021] must submit their Economic Substance notifications on the Ministry of Finance portal by [30 June 2022]
• Submitting reports:
Companies whose fiscal year ended on [30 June 2021] must submit their Economic Substance report on the Ministry of Finance portal by [30 June 2022]
Please note that failure to complete the submission process may result in a penalty.
For more information, please visit the Ministry of Finance website: Economic Substance Regulations (mof.gov.ae)