The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2024.
UAE – Ministry of Finance cancels ESR reporting for Financial Year End 2023
The United Arab Emirates (UAE) Ministry of Finance has officially confirmed the cancellation of Economic Substance Report (ESR) obligations. This change applies to financial years beginning on or after the 1st of January 2023.
Consequently, the ESR notification and reporting requirements that were previously due by the 31st of December 2024, are no longer required.
This change is part of broader efforts to streamline compliance and enhance the UAE’s reputation as a global business hub.
