UAE Economic Substance Regulations: 2024 Amendments and Strategic Implications for Indian Enterprises

Introduction In September 2024, the UAE government took a major step by issuing Cabinet Decision No. 98 thus fundamentally changing how Economic Substance Regulations (ESR) apply to businesses in UAE. [i]  The decision draws a bright line on December 31 2022 as the entities established after this date are exempted from the ESR notification and reporting labyrinth that companies have been navigating since 2019. [ii]  This aligns with the Federal Corporate Tax Law that came into effect during...