The UAE Ministry of Finance has introduced Cabinet Decision No. 98 of 2024, amending the previous Cabinet of Ministers Resolution No. 57 of 2020. This amendment stipulates that the economic substance requirements no longer apply to any financial year ending after 31 December 2022.
Moreover, the amendment clarifies that the Federal Tax Authority (FTA), acting as the National Assessing Authority, will annul any pending penalties and refund paid penalties related to rejected appeals for financial periods following 31 December 2022. For additional information, please contact FTAESR@tax.gov.ae.
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