The UAE’s Federal Tax Authority has begun to issue penalties for non-compliance with economic substance regulations under Cabinet of Ministers Resolution No. 57 of 2020 Concerning Economic Substance Requirements. Two business licensees failing to submit an economic substance notification and an economic substance report by the set deadlines have been fined AED20,000 and AED50,000 respectively.
News Source：【Afridi & Angell 2021/06】