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Other important points to note:
1. Notifications filed prior to these amended regulations are null and void. This means Notifications MUST
be re-submitted on or before 31.12.2020 (keeping in mind applicability only to companies where the 6
months from end of financial year falls on or before 31.12.2020)
2. Notification and Reporting Templates released which guides companies on information to be prepared to
complete the relevant filings
3. Financial statements (even if NOT audited) mandatory for ESR Reporting
4. National Assessing Authority responsible for assessing and enforcing compliance of UAE businesses with
the EST and imposing penalties
5. Failure with Reporting OR inaccurate information- AED 50,000 AND failed EST in UAE
CA Manoj Agarwal CA Malvika K Nanjappa
Disclaimer:
This article and/or write ups and/or any of its content shall not be treated as opinion and/or advice in any circumstances of the author(s) and/ or the Chapter. Reader’s to apply
their best judgement in the best interest of their requirement and should seek a formal opinion on any issue.
78 TAX JOURNAL 2020 The Institute of Chartered Accountants of India (Dubai) Chapter NPIO
