The Ministry of Finance UAE has amended the Economic Substance Regulations in consultations with the OECD and the EU. As a result the Ministry has issued Cabinet of Ministers Resolution No. (57) of 2020 on 10 August 2020 (the Regulations), and updated Guidance was issued on10 August 2020 via Ministerial Decision No. (100) of 2020 bringing amendments to the exisitng Regulations. It is announced via these amendments that the the Federal Tax Authority has been appointed as the “National Assessing Authority” under the Regulations.
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