On 17 March 2020, the Dubai International Finance Centre (DIFC) issued a communication with regard to Economic Substance Regulations providing inter alia the following:
- all DIFC firms are required to submit an Economic Substance notification on the DIFC Portal;
- the 31 March 2020 deadline previously advised is no longer applicable;
- the UAE Ministry of Finance will issue a Relevant Activities Guide which should assist businesses in determining whether a business conducts a relevant activity and falls within the scope of the Economic Substance Regulations. Once the Relevant Activities Guide has been issued, the Registrar will make the requisite notifications available on the DIFC Portal and issue a communication to all DIFC firms about the notification process and deadlines involved; and
- businesses may be required to file an Economic Substance Return within 12 months of the financial year end to demonstrate that a business meets the Economic Substance Regulations requirements. Information relating to the return will be issued in the second half of this year.