In April 2019, the UAE issued Cabinet of Ministers Resolution No. 31 of 2019 concerning Economic Substance (“Resolution 31″) as part of its commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation. In UAE, all free zone and onshore companies and certain other business forms that carry out certain defined activities are required to maintain an adequate “economic presence” in the UAE.
The primary purpose of the Regulations is to ensure that actual profits are reported by entities in UAE, especially profits that are associated with the economic activity undertaken within the UAE.
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