The Ministry of Finance (MoF) has announced the cancellation of economic substance reporting requirements for companies for financial years ending after 31st December 2022, following Cabinet Decision No. (98) of 2024, which amends certain provisions of Cabinet Decision No. (57) of 2020 on economic substance requirements.This amendment aligns with the implementation of the UAE’s federal corporate tax system on business and corporate profits.Younis Haji Al Khoori, Under-Secretary of the MoF, stated that lifting economic substance reporting requirements for companies for financial...

https://www.emirates247.com/business/economy-finance/mof-announces-amendment-to-cabinet-decision-on-economic-substance-requirements-2024-10-14-1.734466

#emirates247